New York-based Defiance ETFs is launching an exchange-traded fund (ETF) focused on non-fungible tokens (NFT), according to a press release sent to CoinDesk.
- The index will be rebalanced on a quarterly basis, Defiance said.
- Crypto-pegged ETFs have grown significantly in the past year; the first U.S. bitcoin futures fund was listed on the New York Stock Exchange in October.
- Defiance is an ETF sponsor and investment adviser with a focus on thematic investing, according to its website.
- Silvergate, the crypto-friendly bank that serves a number of firms in the industry, is the top stock in the ETF with a 6.74% weighting, followed by Playboy, Cloudflare and a handful of crypto mining firms.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.