Bitwise Asset Management reportedly revealed details of a new exchange-traded fund (ETF) to both institutional and retail investors, offering access to firms “positioned to benefit” from Web3 development. 

Specifically, Bitwise reportedly claimed that it marks “the next wave of the internet’s development characterized by greater decentralization and individual ownership of data.”

Trading rolled out under the ticker BWEB, the ETF will take care of the tracking for the Bitwise Web3 Equities Index, with more than 85% exposure to firms with direct connection to Web3 business activities. 

This reportedly covers Web3 infrastructure, finance, Web3-enabled metaverse and digital worlds, development and governance and the Web3-enabled creator economy.

“The Bitwise Web3 ETF seeks to capitalize on this great opportunity by offering investors of innovation a straightforward way to access the space. It also leverages our expertise in crypto — the cornerstone of Web3 — as many of these companies are centering their businesses on blockchain technology. We’re looking forward to seeing their anticipated continued growth as the space unfolds.” Hunter Horsley, Bitwise’s CEO, additionally remarked. 

In October 2021, the firm submitted the filing for its second application with the US Securities and Exchange Commission to establish a spot Bitcoin ETF. 

Following postpones from the regulator, the final decision is expected to be provided in October this year. The first proposal was sent in January 2019 and rejected by the SEC in October of the same year. 

Web3 is viewed as the future version of the internet. Based on public blockchains, it is decentralized, meaning that individuals, themselves, own and govern sections of the internet rather than accessing the internet via services mediated by companies like Google, Apple or Facebook.