Asset management arm of Charles Schwab launches crypto-linked ETF

Schwab said the investment vehicle will provide exposure to companies involved in mining and staking as well as those who develop applications based on blockchain or distributed ledger technology.

Schwab Asset Management, the asset management arm of financial giant Charles Schwab, has launched an exchange-traded fund (ETF) with exposure to cryptocurrency-related businesses.

In an announcement on Friday, Schwab said its Crypto Thematic ETF is expected to be available for trading on the New York Stock Exchange's Arca under the symbol STCE on August 4. The fund tracks Schwab's Crypto Thematic Index, providing an investment vehicle with exposure to companies "that could benefit from the development or use of cryptocurrencies and other digital assets".

Probably because the U.S. Securities and Exchange Commission, or SEC, has not given the green light to ETFs offering direct exposure to Bitcoin (BTC), the Schwab fund will indirectly invest in crypto through of companies. Schwab said the companies include those involved in mining and staking as well as those developing applications on blockchain or distributed ledger technology.

“For investors interested in cryptocurrency exposures, there is a whole ecosystem to consider as more and more companies seek to derive revenue from crypto directly and indirectly,” David said. Botset, Managing Director and Head of Equity Product Management at Schwab Asset Management and Innovation.

Schwab launches its first crypto-related ETF, the Schwab Crypto Thematic ETF https://t.co/iVkCYdNUQw pic.twitter.com /18rJUZ3phy

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