Bitwise Crypto Industry Innovators ETF Now Has Over $100 Million in AUM
The cryptocurrency space has experienced massive growth over the past year, and more investors are interested in gaining exposure to the crypto assets.
BITQ Surpasses $100 Million in Assets Under Management
Bitwise Crypto Industry Innovators ETF (BITQ) is one of the world’s first cryptocurrency industry ETFs, and it has attracted huge demand from institutional investors over the past few months. The ETF recently reached a new milestone, further indicating that the crypto space is experiencing rapid growth.
Bitwise Asset Management, Europe’s leading crypto asset index fund manager, announced earlier today that its Bitwise Crypto Industry Innovators ETF (NYSE: BITQ) had topped $100 million in assets under management. BITQ achieved this feat less than six months after it was launched.
This latest development is a huge milestone for the BITQ fund, which is the first cryptocurrency ETF tracking the performance of the companies driving the fast-growing crypto economy. The BITQ ETF is designed to offer institutional investors a way to gain exposure to the crypto market while avoiding the challenges of holding and having to choose the cryptocurrencies to invest in.
BITQ invests in cryptocurrency companies that are behind the core infrastructure and services necessary to secure, maintain and trade crypto assets and their underlying platforms. The BITQ fund invests 85% of its assets in companies that generate more than three-quarters of their revenue from crypto-related businesses. It invests the remaining 15% in diversified companies that make meaningful contributions to the cryptocurrency space.
BITQ Rallies by More Than 2% Today
Bitwise is one of the leading digital asset managers in the world and has billions of dollars in assets under management. Following the announcement that the BITQ ETF has more than $100 million in assets under management, the fund rallied by more than 2% over the past few hours.
BITQ is trading at $28.82, up by 2.13% over the past 24 hours. The fund has performed excellently since it was launched six months ago, rising by more than 25% during that period. The fund allows investors to seek exposure to crypto companies without having to deal with the wild volatility of the cryptocurrency market.