Crypto Fund Manager Bitwise lansează ETF-ul axat pe Web3 pe fondul recesiunii pieței

bitwise, a leading crypto fund manager, has launched a new exchange-traded fund (ETF) it calls the Bitwise Web3 ETF (BWEB). The ETF is now listed and has begun trading on NYSE Arca, as confirmed by a recent SEC filing.

BWEB, however, is Bitwise’s second ETF. It comes after the Crypto Industry Innovators ETF (BITQ) that was a lansat in May 2021. But according to the official announcement, BWEB is targeted at both institutional and retail investors who are categorized into five groups of Web3 companies. They are; finance, virtual worlds (metaverse), infrastructure oroviders, “web3-enabled creator economy”, and development and governance.

Bitwise ETF Aims to Bolster Web3.0 Growth

The Bitwise Web3 ETF (BWEB) will be tracking the Bitwise Web3 Equities Index. The proprietary index will then invest in about 40 companies that Bitwise has already earmarked. And according to the firm, the companies have the potential to play major roles in the development of Web3.0.

Într-o declaraţie released on Bitwise’s website, at least, 85% of the portfolio of these companies are directly linked to Web3.0 growth.

Bitwise Chief Investment Officer Matt Hougan also shared his thoughts on the BWEB and the 40 companies. He claims that the companies have been identified to have the needed qualities to lead the charge of Web3.0. Hogan said in part:

“We’re excited to give investors the opportunity to capture one of the fastest-emerging themes in technology through a diverse mix of companies that we believe will lead the charge.”

Crypto-based ETFs on the Rise

It might be worth mentioning that crypto-based ETFs appear to be on a rebound recently. To put this into perspective, the BITQ – Bitwise’s first crypto-based ETF, is up nearly 2% from a month ago.

Interestingly, other crypto-based ETFs appear to be on the same trend as well. For instance, BLOK, which is the largest blockchain ETF in the United States is up 0.1% in the last month. The fund, which has approximately $500 million in assets under management AUM was down about 51% for the year just over a day ago.

The ProShares Bitcoin Strategy ETF is not left out. It is up by over 8% in the last month as well. And while other funds may not yet be in greens, they are reducing their losses of late, albeit significantly.

In all, CoinShares recently reported that ETFs have recorded a third straight week of inflows. In that period, the funds saw no less than $10 million. So, it might be safe to say that the ongoing market downturn has no hold on crypto-based ETFs.

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