It was almost six months ago when BetaShares had submitted a request at the Australian Securities Exchange (ASX) for the approval of an exchange-traded fund (ETF). According to the application submitted by BetaShares, it was an ETF being developed mainly for cryptocurrencies.
After six months of waiting, positive reports have started coming out about the approval of the application by the ASX. This means that the firm will be able to proceed with launching its exchange-traded funds for cryptocurrencies in the public market.
The firm has already made an announcement in regards to naming the particular ETF. The firm has announced that “BetaShares Crypto Innovators ETF” would be the name of the newly launched ETF. The firm has announced that once the approval has been given, the particular ETF will be registered at the ASX with the ticker symbol “CRYP”.
The particular ETF would be somewhat similar to other cryptocurrency-related exchange-traded funds or the likes of Bitcoin exchange-traded funds.
With the launch of the cryptocurrency ETF in Australia, BetaShares is aiming to bring a similar kind of cryptocurrency exposure in the country as other major countries. At present, countries such as Canada and the United Kingdom already have exposure to cryptocurrency and Bitcoin exchange-traded funds.
As a result, mainstream investors in their respective countries have been exposed to cryptocurrencies. This way, more adoption rates will be attracted to the cryptocurrency industry.
BetaShares is aiming to proceed with a similar kind of mainstream adoption in Australia and attract the Australian mainstream investors to the sector.
The most attractive and convincing selling point of crypto-ETFs is that they are fully regulated and protected by the firms operating them. Through ETFs, the mainstream institutions are able to gain exposure to cryptocurrencies but that is indirect and safe for them.
BetaShare has revealed that once the new ETF is launched, it would be monitoring and tracking a particular index. The name of the particular index is “Bitwise Crypto Industry Innovators Index”. The particular index had reportedly been launched back in May of 2021.
This index was formed for the very same purpose BetaShares is aiming to launch the cryptocurrency exchange-traded fund. The particular index comprises several top-of-the-line firms in the country that are currently listed publicly and are benefiting from mainstream investors.
Within the index are some of the most prominent names from inside and outside the cryptocurrency universe. Some of these firms include MicroStrategy, a company owned by Michael J. Saylor, Riot Blockchain, a major Bitcoin mining company, and Coinbase, the second-largest cryptocurrency exchange.
Out of the total companies within the index, 85% of the companies are the ones generating the majority of their revenues (roughly around 75%) from cryptocurrencies.
