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Schwab Asset Management to List Crypto ETF on NYSE
The exchange-traded fund will provide exposure to companies involved in crypto mining, trading and brokerage services.
Updated May 11, 2023, 6:49 p.m. Published Jul 29, 2022, 2:42 p.m.
Finance giant Schwab Asset Management (SCHW) said its first crypto-related exchange-traded fund (ETF) will be listed on New York Stock Exchange Arca from Aug. 4.
- The ETF will trade under the ticker STCE and will track Schwab's Crypto Thematic Index, the company said in a press release.
- Unlike ETFs that track a basket of digital assets, Schwab's will provide investors with exposure to companies that may benefit from the development or utilization of cryptocurrencies.
- The fund will track companies that may benefit from validating consensus mechanisms and crypto mining as well as digital-asset trading and brokerage services.
- Schwab joins BlackRock (BLK), Fidelity and other financial institutions that have released crypto-related exchange-traded products this year.
- “For investors who are interested in cryptocurrency exposures, there is a whole ecosystem to consider as more companies seek to derive revenue from crypto directly and indirectly,” said David Botset, Schwab's head of equity product management and innovation.
- Schwab first said it was preparing to launch a crypto-related ETF in March.
- Schwab did not immediately respond to CoinDesk's request for comment.
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