Finance giant Schwab Asset Management (SCHW) said its first crypto-related exchange-traded fund (ETF) will be listed on New York Stock Exchange Arca from Aug. 4.
- The ETF will trade under the ticker STCE and will track Schwab's Crypto Thematic Index, the company said in a press release.
- Unlike ETFs that track a basket of digital assets, Schwab's will provide investors with exposure to companies that may benefit from the development or utilization of cryptocurrencies.
- The fund will track companies that may benefit from validating consensus mechanisms and crypto mining as well as digital-asset trading and brokerage services.
- “For investors who are interested in cryptocurrency exposures, there is a whole ecosystem to consider as more companies seek to derive revenue from crypto directly and indirectly,” said David Botset, Schwab's head of equity product management and innovation.
- Schwab first said it was preparing to launch a crypto-related ETF in March.
- Schwab did not immediately respond to CoinDesk's request for comment.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.