BetaShares is close to launching a new crypto-focused exchange-traded fund. Six months after submitting an application to the Australian Securities Exchange (ASX) (ETF).
Moreover, the official name of the new product from the Australian ETF management is BetaShares Crypto Innovators ETF, according to a statement made on Oct. 13. It would list on the ASX under the ticker symbol CRYP after receiving all necessary regulatory approvals.
In fact, BetaShares‘ fund, like comparable Bitcoin (BTC) or crypto-focused ETFs, intends to give institutional investors a level of crypto exposure.
Besides, Bitwise Crypto Industry Innovators Index will be tracked by the new fund. Which debuted in May as a means to gain access to the top publicly traded blockchain and cryptocurrency companies.
“It’s a terrific time to be in the pick and shovel business”
Coinbase, Riot Blockchain, and Michael Saylor’s MicroStrategy are among the index’s existing participants, according to the release. Additionally, firms that directly serve crypto markets, including crypto exchanges, mining companies, and service providers, make up the majority of the index (85%).
According to BetaShares CEO Alex Vynokur, “the crypto economy is very dynamic and developing fast. And its construction is based on utilising innovative and revolutionary technologies”. Furthermore, he went on to say that the new fund will provide investors access to the cryptocurrency market through a familiar and liquid ETF structure.
“It’s a terrific time to be in the pick and shovel business,” Mark Twain famously said during the gold rush. CRYP will invest in the firms that are driving the crypto economy on a “pick and shovel” basis.”
In March, BetaShares filed for listing on the ASX. Initially, the corporation was secretive in regards to the fund’s nature. Vynokur went on to say that there is a lot of demand for crypto-focused ETFs. And that for the vast majority of investors, an ETF with a regulated structure is the better option.