Six months after listing on the Australian Stock Exchange (ASX), BetaShares is close to launching a new ETF focused on cryptocurrency.

According to the announcement on October 13, the official name of the new product for the Australian ETF manager is BetaShares Crypto Innovators ETF. Subject to appropriate regulatory approvals, it will trade under the symbol CRYP on ASX.

As with similar Bitcoin (BTC) or cryptocurrency-focused ETFs, BetaShares aims to offer a certain level of cryptocurrency to institutional investors who wish to invest in cryptocurrency indirectly.

The new fund will track the Bitwise Crypto Industry Innovators Index, which was launched in May as a way to gain access to leading public companies in the blockchain and cryptocurrency industries.

The announcement highlights crypto exchange Coinbase, bitcoin mining company Riot Blockchain, and Michael Saylor’s MicroStrategy as the current components of the index. The majority of the index (85%) consists of companies that generate at least 75% of revenue from directly serviced cryptocurrency markets such as crypto exchanges, mining companies, and service providers.

Related: Bitcoin futures ETFs likely to be delayed until 2022, research firm CFRA says

“The cryptocurrency economy is very dynamic and rapidly growing, built with exciting and revolutionary technology,” said Alex Vinokur, CEO of BetaShares. He added that the new fund will provide access to the cryptocurrency sector in a well-known and floating ETF structure.

Mark Twain is famous for saying that, ‘During the gold rush, this is the time to do picking and shoveling. “CRYP will choose and ignore the crypto sector by investing in companies that run the crypto economy.”
BetaShares applied for the ASX in March. The company did not originally disclose the nature of the organization. Vinokur then highlighted the huge demand for crypto-focused ETFs, adding that a structured ETF structure is more suitable for most investors.

Source: CoinTelegraph