Bitwise Asset Management told institutional and retail investors on Oct. 3 about a new exchange-traded fund (ETF) that gives them access to companies “positioned to benefit” from Web3 growth.
In a statement, Bitwise called it “the next wave of the Internet’s development, which is more decentralised and gives people more control over their own data.”
The ETF is traded on the stock market under the symbol BWEB. It follows the Bitwise Web3 Equities Index, and more than 85% of its holdings are in companies that do business directly with Web3. This includes the Web3 infrastructure, finances, Web3-enabled metaverses and digital worlds, development and governance, and the Web3-enabled creator economy.
The CEO of Bitwise, Hunter Horsley, said this:
“The Bitwise Web3 ETF wants to take advantage of this great chance by giving investors interested in innovation an easy way to get into the space. It also makes use of our knowledge of crypto, which is the core of Web3, since many of these companies are based on blockchain technology. As the space develops, we’re looking forward to seeing how much they’ve grown.
Related: The newest ETF includes 35 Blockchain-related firms
The company sent its second application to create a spot Bitcoin ETF to the United States Securities and Exchange Commission (SEC) in October. After delays from the government agency, the final decision is likely to be made this month. The SEC turned down the first proposal in October of the same year, which was sent in January.
People think of Web3 as the Internet of the future. It is based on public blockchains and is not centralised. This means that instead of using services like Google, Apple, or Facebook to access the Internet, people own and control parts of the Internet themselves.
