Bitwise Asset Management, a crypto investment firm based in San Francisco, has revealed its new product called BITQ – Bitwise Crypto Industry Innovators Exchange-Traded Fund.
Matt Hougan, the Chief Investment Officer of Bitwise, said in his statement: “Till now, majority of the known cryptocurrency innovators used to be private companies. However, there is a shift in this currently. Currently, the series of public firms leveraging on crypto is increasing every day. The aim of BITQ is to identify the businesses that are looking to diversify into the crypto space and grant them the access and exposure they need.”
Publicly Traded Companies are the Target
An Exchange-Traded Fund is a distinctive security type that monitors the movement of the market of some particular asset or a collective number of them. For example, a BTC or crypto-based ETF has the potential of granting institutional investors the exposure they need on a digital asset without holding them per se. At the same time, the exchange-traded funds can be traded on conventional exchange platforms.
Different companies, however, with Bitwise inclusive have submitted their Bitcoin ETF applications with the United States SEC for more than years now, but all of them have gotten turned down.
While there may be similarities in that, the new crypto-based ETF of Bitwise is somehow different from others. Based on the news release, the Bitwise Crypto Industry Innovators help the investors to access exposure to remarkable public firms in the crypto ecosystem.
The product seeks to monitor the BITQ 30 Index that is created with the remarkable expertise of Bitwise to attract pure-play firms involved in the material, actual activity in the crypto space. In addition, the index has the firms with nothing less than $100 million of liquid crypto assets included on their statement.
Customized Needs of Cryptocurrency
In addition, the Exchange-Traded Fund was created to capture the special features of the cryptocurrency equity market specifically. It has a feature called the fast-entry rule that allows firms to facilitate their initial public offering or even direct listing to be a part of the index in just a day following their debut and to help them adapt to the fast-changing market.
Hunter Horsley, the CEO of Bitwise, explained: “With this new product, we aim to make investment opportunities in the crypto space available via traditional platforms of investment and regular, cost-effective, and available ETF. We are excited to watch space grow as the attraction of investors to this asset class is increasing.”
