Yesterday saw the Schwab Crypto Thematic ETF (STCE) start trading on NYSE Arca, Schwab’s first crypto ETF. The asset manager says its ETF has more crypto bias than others that focus more on blockchain.
“The index (that) STCE is designed to track can offer more targeted exposure to cryptocurrency-focused companies compared to blockchain technology ETFs, which may have significant exposure to multi-national companies involved in blockchain,” said David Botset, Managing Director, Head of Equity Product Management and Innovation at Schwab Asset Management.
The asset manager first announced plans for the ETF back in March. Current index constituents are heavily weighted towards cryptocurrency, especially companies focused on bitcoin and mining. The five largest holdings account for thirty percent of the assets. They are in bitcoin investor Microstrategy, mining companies Marathon Digital and Riot Blockchain, cryptocurrency exchange Coinbase and crypto onramp Silvergate. Several other miners are also included in the index.
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