Statistically reported 85% exposure to Web3-related companies, the ETF tracks the Bitwise Web3 Equities Index.
On October 3, Bitwise Asset Management unveiled a new exchange-traded fund (ETF) that would give institutional and individual investors access to businesses that were “positioned to benefit” from the rise of the Web3.
It represents “the next wave of the internet’s development, defined by more decentralization and private control of data,” according to a release from Bitwise.
We have exciting news! Today we launched the Bitwise Web3 ETF (BWEB), a fund designed to provide focused exposure to one of the fastest-emerging themes in technology. For more information about the fund, go to: https://t.co/8rjQbwFJrM pic.twitter.com/RumkXViGl8
— Bitwise (@BitwiseInvest) October 4, 2022
With more than 85% exposure to businesses directly connected to Web3 business activities, the ETF that trades under the ticker BWEB tracks the Bitwise Web3 Equities Index. This encompasses the Web3-enabled creative economy, development and governance, the Web3-enabled metaverse and virtual worlds, and financial services.
The CEO of Bitwise, Hunter Horsley, stated
“The Bitwise Web3 ETF seeks to capitalize 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 industry leaders are centring their businesses on blockchain technology. We’re looking forward to seeing their anticipated continued growth as the space unfolds.” A report from Mckinsey suggests that the web 3 market cap will rise drastically with a CAGR of 27.5% to a value of over $ 42 billion by 2030.
The organization submitted its second application to the Securities and Exchange Commission of the United States in October 2017 to establish a spot Bitcoin ETF. The regulator caused delays, so the final judgment is anticipated this month. The SEC turned down the initial plan in October of the same year after it was submitted in January.
The internet’s next generation is predicted to be Web3. It is decentralized and built on public blockchains, so instead of using services provided by large corporations like Google, Apple, or Facebook to access the internet, users control and own certain portions of it themselves.