On Wednesday, Bitwise Asset Management, one of the largest and fastest-growing crypto-specialist asset managers, with AUM over $1.5 billion, announced

Bitwise Introduces ‘BITQ’, the First Crypto ETF.

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2021-05-15 15:29:27

On Wednesday, Bitwise Asset Management, one of the largest and fastest-growing crypto-specialist asset managers, with AUM over $1.5 billion, announced the launch of the Bitwise Crypto Industry Innovators ETF (NYSE: BITQ). BITQ aims to provide investors with exposure to valuable public companies in the growing Bitcoin and cryptocurrency sectors.

The new ETF offers a way for investors to gain exposure to the crypto market without the challenges of directly holding crypto assets like Bitcoin and Ethereum.

BITQ seeks to track the Bitwise Crypto Industry Innovators 30 Index, designed with Bitwise’s industry expertise to capture “pure-play” companies engaged in actual, material activity in the crypto sector. Additionally, the index includes companies with at least $100 million of liquid crypto assets on their balance sheet.

In most cases, companies in the new index must derive at least 75% of their revenue from directly servicing cryptocurrency markets or have at least 75% of their net assets accounted for by direct holdings of liquid crypto assets. Such companies may, for example, offer crypto brokerage services, financial and banking services, mining solutions, technology solutions, or analytics solutions. The index rebalances quarterly.