The ETF tracks Bitwise Web3 Equities Index. It has over 85% exposure for companies in Web3. Bitwise Asset Management has announced that on October 3rd a newly launched ETF was available to institutional and retail investors. This gives them access to companies “positioned for benefit” by Web3 growth.
Bitwise released a statement saying that it represents “the next wave in the development of the internet, characterized by greater decentralization, individual ownership of data.”
The ETF trades under the ticker “BWEB” and tracks the Bitwise Web3 Equities Index.
Over 85% of the exposure is for companies with direct ties to Web3 business activities. This covers Web3 infrastructure, finance and Web3-enabled metaverses and digital worlds. It also includes development and governance, and the Web3 enabled creator economy.
Hunter Horsley, Bitwise CEO, stated:
The Bitwise Web3 ETF aims to capitalise on this opportunity by providing investors of innovation an easy way to access the space. This ETF also leverages our expertise on crypto, the cornerstone of Web3, as many of these companies have their focus on blockchain technology. We look forward to their continued growth in the space.
The company’s second application to the United States Securities and Exchange Commission (SEC), to create spot Bitcoin ETF was filed last October. The final decision on the matter is expected to be made this month, after delays caused by the regulator. The SEC rejected the first proposal in October 2018 after it was submitted in January 2019.
Web3 is the future internet. It is based on public blockchains and means that instead of consumers accessing the internet through services such as Google, Apple, or Facebook, individual users can own and manage sections of it.