As cryptocurrency markets recover, Bitwise introduces a new ETF based on Web3.

Bitwise, a San Francisco-based crypto index fund provider, has launched BWEB, a new Web3 exchange-traded fund, in an effort to cash in on the resurgent cryptocurrency markets (ETF).

Exchange-traded funds, or ETFs, are a type of financial instrument that trades on an exchange like a stock but instead tracks a particular market or asset, like bitcoin (BTC).

Bitwise’s Chief Investment Officer Matt Hougan said in a statement, “Today, many experts believe we’re on the cusp of a major evolution in the core architecture of the internet.” We’re excited to offer the Bitwise Web3 ETF as a way for investors to get exposure to one of the hottest new trends in tech by purchasing shares in a wide range of companies that we think will be at the forefront of this movement.

According to the release, “more than 85% of the index is comprised of pure-play” companies with “direct linkages” to Web3 themes and business activities.

Cryptocurrency exchange Coinbase, online gaming platform Roblox, data centre specialist Equinix, game developer Unity Software, Facebook parent company Meta Platforms, Twitter, social media platform Shopify, networking and cyber-security business Cloudflare, game developer Electronic Arts, and game publisher Take-Two Interactive are listed as the top ten holdings of the ETF as of October 4.

San Francisco-based firm claims to be one of the largest crypto asset managers with over $1.3 billion in assets under management.

Exchange-traded products (ETPs) and stocks like BWEB can be found listed on the NYSE Arca, a securities exchange in the United States. Bitwise information indicates that the ETF’s custodian and administrator is the Bank of New York Mellon.