After half a year its application was submitted to the Australian Securities Exchange (ASX), BetaShares has reportedly made strides towards rolling out a crypto-centric exchange-traded fund (ETF).

Specifically, the Australia-based ETF management entity’s new project will be dubbed BetaShares Crypto Innovators ETF. Following the acquisition of required regulatory greenlights, it would be available for trading under the ticker symbol CRYP on the ASX.

BetaShares – bearing some resemblances to other Bitcoin (BTC) or crypto-centric ETFs – reportedly has a primary goal of offering a level of crypto exposure, to institutional investors, having targets of making investments in cryptocurrencies in an indirect fashion. 

The new fund will reportedly track the Bitwise Crypto Industry Innovators Index – released in May this year – as a measure of achieving exposure to the high-profile companies listed publicly, which are doing business in the crypto and blockchain sphere. 

The announcement reportedly emphasizes crypto exchange Coinbase, Bitcoin mining firm Riot Blockchain and Michael Saylor’s MicroStrategy as existing index constituents.

Most of the index (85%) is reportedly made up of establishments having a minimum of 75% of their revenue from catering to the crypto market in a direct manner, nominally crypto exchanges, mining firms and service providers.

Alex Vynokur – Head of BetaShares – reportedly mentioned the highly dynamic as well as quickly developing of the crypto economy – which is designed by utilizing “exciting and disruptive technology”. 

“Mark Twain is famous for saying that ‘during the gold rush it’s a good time to be in the pick and shovel business.’ CRYP will take a ‘pick and shovel’ approach to the crypto sector, investing in the companies that are driving the crypto economy.”

The submission of BetaShares’ application was reportedly finalized in March 2021.