Crypto-Focused Equities ETF Could Begin Trading in Australia in Coming Weeks

The ETF will offer exposure to crypto-focused companies, such as Coinbase and Riot Blockchain.

Oct 13, 2021 at 10:01 a.m. UTC
Updated Oct 13, 2021 at 1:29 p.m. UTC

An exchange-traded fund (ETF) offering exposure to crypto-focused companies could soon begin trading in Australia.

  • ETF manager BetaShares said Wednesday it expects its Crypto Innovators fund to start trading on the Australian Stock Exchange (ASX) “in the coming weeks,” subject to regulatory approval.
  • Trading under the ticker code “CRYP”, the ETF will offer exposure to crypto-focused companies, aiming to track the Bitwise Crypto Industry Innovators Index, the firm said in an emailed statement.
  • Current constituents include crypto exchange Coinbase, mining company Riot Blockchain and bitcoin holding business-intelligence software firm Microstrategy.
  • By holding companies, rather than cryptocurrencies themselves, the ETF has a similar structure Volt Equity, which was recently approved by the U.S Securities and Exchange Commission to start trading on the New York Stock Exchange.
  • BetaShares said 85% of the index is focused on companies that either derive at least 75% of their revenue from directly serving crypto markets or have at 75% of their net assets in direct liquid crypto-asset holdings.
  • The firm first submitted its application to the ASX to list a crypto ETF in May, according to Australian Financial Review.

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Jamie Crawley is a CoinDesk news reporter based in London.