Bitwise Launches ETF of 30 ‘Pure-Play’ Crypto Firms Like Coinbase, MicroStrategy

Crypto asset manager Bitwise has come to market with a new exchange-traded fund (ETF) that offers investors exposure to companies in the cryptocurrency sector.

• The Bitwise Crypto Industry Innovators ETF is now live on the New York Stock Exchange with the ticker "BITQ".
• The product aims to track Bitwise's Crypto Industry Innovators 30 Index, the firm's list of “pure-play" crypto companies.
• Those companies must have either 75% of income derived from cryptocurrency or 75% of their net assets in crypto.
• Firms with $100 million or more of liquid crypto assets on their balance sheet are also included.
• The index allows for firms to be added quickly should they hold an initial coin offering or direct listing, as happened when Coinbase (COIN) listed on the Nasdaq in April.
• Bitwise, which says it now has over $1.5 billion in assets under management, has previously launched a number of crypto index funds, including one focused on decentralized finance, or DeFi .

Also read: DeFi Index Fund Is Bitwise’s Fastest Grower, With $32.5M in 2 Weeks: Hougan