BetaShares to launch crypto-focused equities ETF

Exchange traded fund (ETF) provider BetaShares will soon launch the BetaShares Crypto Innovators ETF (CRYP) giving an option for investors who want exposure to the cryptocurrency sector but are not comfortable holding cryptocurrency.

The fund was expected to launch on the Australian Securities Exchange (ASX) in the coming weeks, subject to regulatory approval.

The fund would track the Bitwise Crypto Industry Innovators Index developed by Bitwise, one of the largest global crypto-asset managers.

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Most of the index (85%) was focused on companies that derived at least 75% of revenue from directly servicing cryptocurrency markets, or that had at least 75% of their net assets in direct holdings of liquid crypto-assets. Examples of those companies included crypto trading venues, crypto mining and mining equipment firms, and service providers.

The remaining 15% of the index was invested in diversified large-cap companies which had at least one significant business line focused on the crypto economy.

Current index constituents included cryptocurrency exchange platform Coinbase, Bitcoin mining company Riot Blockchain, and business intelligence firm Microstrategy.

BetaShares CEO, Alex Vynokur, said: “The crypto economy is highly dynamic and growing rapidly, and is built using exciting and disruptive technology.

“CRYP will be an innovative way for investors to get exposure to the crypto sector in a familiar, liquid and cost-effective ETF structure.

“Mark Twain is famous for saying that ‘during the gold rush it’s a good time to be in the pick and shovel business’. CRYP will take a ‘pick and shovel’ approach to the crypto sector, investing in the companies that are driving the crypto economy.”

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