Bitwise Asset Management has declared a unique exchange-traded fund (ETF) that would be available to both retail as well as institutional investors, enabling them to take advantage of the advancement of the Web3 sector. In its statement, Bitwise mentioned that the project denotes the next level of progress within the scope of the internet, taking into account the data’s ownership by the individuals as well as improved decentralization.
Bitwise Releases Web3 ETF Focusing on Retail and Organizational Investors
Bitwise took to Twitter to share the respective news and noted that the focus of the fund is to provide exposure to the rapidly-surfacing theme within the tech sector. The ETF, with the ticker symbol ‘BWEB,’ is specified for tracking the Bitwise Web3 Equities Index. It provides more than eighty-five percent exposure to the firms straightly associated with the business operations dealing with Web3.
These activities take into account Web3-based finance, infrastructure, digital and Metaverse worlds in which Web3 is enabled, the governance and development of Web3, as well as the creator economy which has compatibility with Web3. The CEO of Bitwise, Hunter Horsley, mentioned that the ETF project pursues capitalizing on this remarkable opportunity by providing a straightforward pathway and innovation for the investors to reach the Web3 world.
He added that their crypto expertise is also leveraged by the new project. This technology, in his words, is Web3’s cornerstone as several firms are establishing the businesses thereof on blockchain technology. He mentioned that they are pursuing to witness the continuation of their anticipated growth with the further advancement of the respective space.
In the previous October, Bitwise submitted its second filing under the US Securities and Exchange Commission to be permitted to develop a BTC ETF. However, the regulator did not accept the application and the company had to face several delays. After that, the conclusive decision over the respective filing is expected to be made in October 2022.
Spot ETF Filing of Bitwise Still Waits for SEC’s Final Decision
The platform sent its initial proposal in 2019’s January but the SEC rejected it in October of that very year. The concept of Web3 is considered to be the internet’s future version. It is decentralized and public blockchains provide its basis, indicating that instead of having any mediators such as Facebook, Apple, or Google, the consumers will be permitted to own as well as control the internet’s sections.