Schwab Asset Management, the asset management division of financial heavyweight Charles Schwab, reportedly announced an ETF with exposure to companies associated with cryptocurrencies. 

Specifically, Schwab reportedly revealed that its Crypto Thematic ETF would be scheduled for a roll-out for public trading across the New York Stock Exchange’s Arca under the ticker STCE on Aug. 4. 

The fund will take care of the tracking for Schwab’s Crypto Thematic Index, offering an investment instrument carrying exposure to establishments “that may benefit from the development or utilization of cryptocurrencies and other digital assets.”

Because the U.S. Securities and Exchange Commission (SEC) has yet to offer the go-ahead to ETFs offering direct exposure to Bitcoin (BTC), the Schwab fund aims to invest directly in crypto via firms. 

Schwab additionally claimed that the companies included the ones associated with mining and staking, together with those building blockchain-based applications or distributed ledger technology.

“For investors interested in cryptocurrency exposures, there is a whole ecosystem to consider as more companies seek to derive revenue from crypto directly and indirectly,” David Botset, Schwab Asset Management’s managing director and head of equity product management and innovation, additionally remarked. 

The SEC has yet to grant greenlight to spot Bitcoin ETFs – the ones making direct investment in the cryptocurrency – in the United States. 

Nonetheless, a few asset management entities in the U.S. have rolled out ETFs offering indirect exposure to crypto via futures contracts. Canadian lawmakers initially said yes to a Bitcoin spot ETF from Purpose Investments in February last year.