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Schwab to list its first crypto ETF on NYSE

Schwab Asset Management will launch its first crypto-related exchange traded fund (ETF) on the New York Stock Exchange (NYSE) next week, the asset manager said in a press release on Friday.

According to the platform, the Schwab Crypto Thematic ETF (STCE) will not offer direct investment on any cryptocurrencies, but only track companies likely to engage in or offer crypto/digital assets related activities.

These companies, the firm noted in the release, could offer direct or facilitate services such as mining or staking, investing and crypto trading. The fund will also track closely those companies that enable use of crypto, for example in payments (and buying and selling of goods and services) as well as in the development of new blockchain applications.

Generally, the ETF’s global exposure will revolve around companies included in Schwab’s proprietary crypto index.

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.” – said David Botset, managing director and head of product management at Schwab Asset.

Schwab Asset Management, an arm of The Charles Schwab Corporation (NYSE: SCHW) that has over $8 trillion in assets under management, expects the ETF to debut in the market “on or about August 4, 2022.”

Schwab’s entry into the crypto ETF investment space sees the financial services provider join other global giants in offering crypto-related ETFs. This includes BlackRock, the world’s largest asset management firm with over $10 trillion in AUM.

The post Schwab to list its first crypto ETF on NYSE appeared first on Invezz.

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