Bitwise Launches New Web3 ETF as Crypto Markets Rebound
Hoping to capitalize on the rebounding crypto markets, San Francisco-based crypto index fund provider Bitwise has rolled out BWEB, a new Web3 exchange-traded fund (ETF).
ETFs are financial instruments that trade on an exchange like stock, but track a specific market or asset, such as bitcoin (BTC).
“Today, many experts believe we’re on the cusp of a major evolution in the core architecture of the internet,” Matt Hougan, Bitwise’s Chief Investment Officer, said in a statement. “With the Bitwise Web3 ETF, we’re excited to give investors the opportunity to capture one of the fastest-emerging themes in technology through a diverse mix of companies that we believe will lead the charge.”
“More than 85% of the index is comprised of ‘pure-play’ companies directly linked to Web3 themes and business activities,” the statement said.
A factsheet presenting the product states that, as of October 4, the ETF’s top ten holdings included crypto exchange Coinbase, online gaming platform Roblox, data center specialist Equinix, game developer Unity Software, Facebook’s parent company Meta Platforms, social media platform Twitter, online retail specialist Shopify, networking and cyber-security business Cloudflare, game developer Electronic Arts, and game publisher Take-Two Interactive.
With more than $1.3 billion in assets under management, the San Francisco-based firm says it is one of the largest crypto asset managers in the market.
BWEB trades on the NYSE Arca, a U.S. securities exchange on which exchange-traded products (ETPs) and equities are listed. The Bank of New York Mellon is the ETF’s custodian and administrator, according to data from Bitwise.
