Index fund manager Bitwise launched a new ETF that invests in companies in the Web3 space. Fidelity also announced a new fund called the Ethereum Index Fund that allows investment in Ethereum.
Cryptocurrency index fund manager Bitwise has launched a new Exchange Traded Fund (ETF) focused on the Web3 space, according to a press release published on Oct. 4. The Bitwise Web3 ETF has the ticker BWEB and will invest in up to 40 companies that are working in the rapidly developing niche.
The press release states that more than 85% of the portfolio will be invested in companies “directly linked to Web3 themes and business activities.” Bitwise CEO Hunter Horsley said that the internet was being reshaped by Web3 technology and that Bitwise wanted to offer investors the opportunity to enter the space,
“Today’s Web3 companies are not only helping reshape the internet as we know it, but they’re among some of the most disruptive and fastest-growing firms in the world. The Bitwise Web3 ETF seeks to capitalize on this great opportunity by offering investors of innovation a straightforward way to access the space.”
The ETF focuses on five themes for its selection of companies, which are web3 infrastructure providers, web3 finance, web3-enabled metaverse and digital worlds, web3-enabled creator economies, and web3 development and governance. In addition to being available to retail and institutional investors, the fund does not have a minimum investment requirement.
Fidelity launches ethereum fund
Fidelity Investments has also launched a new investment product called the Ethereum Index Fund, which will let its client invest in Ethereum (ETH). The minimum investment for the fund is $50,000, and it is only available to accredited investors.
Fidelity is also giving investors the chance to invest in Web3 companies, having recently launched the Fidelity Metaverse ETF. Several investment firms are expanding their offerings into the niche, which has taken the wider world by storm.
Reports have emerged that Fidelity will launch crypto trading services to retail investors. Galaxy Digital CEO Mike Novogratz also hinted that this service could be available soon.
ETF market grows bigger by the week
The ETF market has been busy with multiple firms launching new ETFs or submitting applications. One of the most significant developments was the launch of a Blockchain ETF by the world’s largest asset manager, BlackRock.
Bitwise itself saw a decision on its spot bitcoin ETF delayed by the SEC, which the agency has frequently done with spot ETFs. The SEC also rejected Fidelity’s Wise Origin Bitcoin Trust at the start of the year.
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