Summary: Schwab Asset Management announced Friday its first crypto-related exchange-traded fund (ETF) will be listed on NYSE Arca, starting August 4, according to a press release. The crypto-related ETF will trade under the ticker STCE and will track Schwab’s Crypto Thematic index, the press release said. Instead of investing in a plethora of cryptocurrencies, the ETF ...
The crypto-related ETF will trade under the ticker STCE and will track Schwab’s Crypto Thematic index, the press release said.
Instead of investing in a plethora of cryptocurrencies, the ETF will provide exposure to companies involved in crypto mining, trading and brokerage services.
“For investors who are interested in cryptocurrency exposures, there is a whole ecosystem to consider as more companies seek to derive revenue from crypto directly and indirectly,” said David Botset, Head of Equity Product Management and Innovation at Schwab Asset Management. “The Schwab Crypto Thematic ETF seeks to provide access to the growing global crypto ecosystem along with the benefits of transparency and low cost that investors and advisors expect from Schwab ETFs.”
Schwab joins BlackRock, Fidelity and other financial institutions that have released crypto-related ETFs this year. This official announcement comes several months after Schwab first indicated they were preparing a crypto-related ETF.
Author: Tyler Irvin