Bitwise Launches New Web3 ETF as Crypto Markets Rebound

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Hoping to capitalize on the rebounding crypto markets, San Francisco-based crypto index fund supplier Bitwise has rolled out BWEB, a brand new Web3 exchange-traded fund (ETF).

ETFs are monetary devices that commerce on an alternate like inventory, however monitor a selected market or asset, such as bitcoin (BTC).

“Today, many consultants imagine we’re on the cusp of a significant evolution within the core structure of the web,” Matt Hougan, Bitwise’s Chief Investment Officer, mentioned in a statement. “With the Bitwise Web3 ETF, we’re excited to present traders the chance to seize one of many fastest-emerging themes in expertise by means of a various mixture of firms that we imagine will lead the cost.” 

“More than 85% of the index is comprised of ‘pure-play’ firms immediately linked to Web3 themes and enterprise actions,” the assertion mentioned.

A factsheet presenting the product states that, as of October 4, the ETF’s prime ten holdings included crypto alternate Coinbase, on-line gaming platform Roblox, information middle specialist Equinix, sport developer Unity Software, Facebook’s mum or dad firm Meta Platforms, social media platform Twitter, on-line retail specialist Shopify, networking and cyber-security enterprise Cloudflare, sport developer Electronic Arts, and sport writer Take-Two Interactive.

With greater than $1.3 billion in belongings beneath administration, the San Francisco-based agency says it is among the largest crypto asset managers out there.

BWEB trades on the NYSE Arca, a U.S. securities alternate on which exchange-traded merchandise (ETPs) and equities are listed. The Bank of New York Mellon is the ETF’s custodian and administrator, in accordance with information from Bitwise.

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