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Crypto-Focused Equities ETF Could Begin Trading in Australia in Coming Weeks
The ETF will offer exposure to crypto-focused companies, such as Coinbase and Riot Blockchain.
Updated May 11, 2023, 4:02 p.m. Published Oct 13, 2021, 10:01 a.m.
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An exchange-traded fund (ETF) offering exposure to crypto-focused companies could soon begin trading in Australia.
- ETF manager BetaShares said Wednesday it expects its Crypto Innovators fund to start trading on the Australian Stock Exchange (ASX) “in the coming weeks,” subject to regulatory approval.
- Trading under the ticker code “CRYP”, the ETF will offer exposure to crypto-focused companies, aiming to track the Bitwise Crypto Industry Innovators Index, the firm said in an emailed statement.
- Current constituents include crypto exchange Coinbase, mining company Riot Blockchain and bitcoin holding business-intelligence software firm Microstrategy.
- By holding companies, rather than cryptocurrencies themselves, the ETF has a similar structure Volt Equity, which was recently approved by the U.S Securities and Exchange Commission to start trading on the New York Stock Exchange.
- BetaShares said 85% of the index is focused on companies that either derive at least 75% of their revenue from directly serving crypto markets or have at 75% of their net assets in direct liquid crypto-asset holdings.
- The firm first submitted its application to the ASX to list a crypto ETF in May, according to Australian Financial Review.
Read more: Pantera CEO Says Bitcoin ETF May Fail to Spark Rally
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