Bitwise Asset Management has announced the launch of the Bitwise Web3 ETF (ticker: BWEB). The strategy is designed to give investors access to companies well positioned to benefit from the emergence of Web3, a term used to describe the next wave of the internet’s development characterised by greater decentralisation and individual ownership of data, the firm says.
The firm writes: “As the Web3 name suggests, one well-established paradigm defines the internet’s evolution in three stages. The earliest version of the Web (Web1) consisted of “read-only” web sites. Next came social media sites like Facebook and Twitter, where users could both read and write content (Web2). With the inception of Web3, users have the ability not only to read and write content, but to own digital objects, assets, and data that are largely built on crypto and blockchain technology.”
“Today, many experts believe we’re on the cusp of a major evolution in the core architecture of the internet,” says Bitwise CIO Matt Hougan. “Any shift of that magnitude will depend on companies that can provide the services and infrastructure to support it. With the Bitwise Web3 ETF, 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.”
The Bitwise Web3 Equities Index on which the fund is based includes broad exposure to companies spread across five key themes: Web3 Infrastructure Providers, Web3 Finance, Web3-Enabled Metaverse and Digital Worlds, Web3-Enabled Creator Economy, and Web3 Development and Governance. More than 85 per cent of the portfolio will be invested in companies directly linked to Web3 themes and business activities.
“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,” says Bitwise CEO Hunter Horsley. “The Bitwise Web3 ETF seeks to capitalise on this great opportunity by offering investors of innovation a straightforward way to access the space. It also leverages our expertise in crypto—the cornerstone of Web3—as many of these companies are centring their businesses on blockchain technology. We’re looking forward to seeing their anticipated continued growth as the space unfolds.”
The launch of the Bitwise Web3 ETF is part of a growing suite of Bitwise investment solutions that help investors gain professionally managed exposure to the crypto market, including the Bitwise Crypto Industry Innovators ETF (ticker: BITQ), OTC-traded trusts, private placement funds, and separately managed accounts. Today, Bitwise serves RIAs, multifamily offices, financial advisors, and other institutional managers, with a nationwide distribution and client service team.
The Bitwise Web3 ETF tracks the Bitwise Web3 Equities Index, which is rebalanced quarterly. The fund is available to both retail and institutional investors and is not subject to investment minimums. The custodian of the Bitwise Web3 ETF is BNY Mellon, and the fund’s distributor is Foreside Fund Services, LLC.
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