The very first exchange-traded fund with the word “crypto” in its name has been launched in the U.S. by $1.5 billion digital asset fund manager Bitwise, the company announced in its May 12 press release.
The ETF, which is called “Crypto Industry Innovators 30 Index,” will offer exposure to publicly listed cryptocurrency companies such as leading U.S. exchange Coinbase. Only “pure-play” names with “material activity” in the industry and at least $100 million worth of assets will be included in the index.
While Bitwise rolled out the first “crypto” ETF, there are numerous ETFs that target companies within the blockchain and mining sector.
Yet, the U.S. Securities and Exchange Commission is yet to approve an ETF that directly tracks the price of Bitcoin as the growing number of applications continues to drum up enthusiasm.