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BetaShares launches crypto-focused ETF

Responding to increasing interest in the crypto space, BetaShares will launch a global equities ETF on the ASX investing in tech stocks.

The BetaShares Crypto Innovators ETF is expected to be launched in the coming weeks, the manager said, subject to regulator approvals.

The fund will trade under the ticker code CRYP and aim to provide exposure to a portfolio of global companies at the forefront of the crypto economy.

"The crypto economy is highly dynamic and growing rapidly and is built using exciting and disruptive technology. CRYP will be an innovative way for investors to get exposure to the crypto sector in a familiar, liquid and cost-effective ETF structure," BetaShares chief executive Alex Vynokur said.

"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."

CRYP will aim to track the Bitwise Crypto Industry Innovators Index (before fees and expenses). CRYP's index is designed to capture the full breadth of the crypto ecosystem, not just the price of one cryptocurrency.

Current index constituents include cryptocurrency exchange platform Coinbase (COIN), Bitcoin mining company Riot Blockchain (RIOT) and business intelligence firm Microstrategy (MSTR).

BetaShares' announcement comes as new a survey of 1000 Australians by crypto platform Luno reveals more Australians own crypto (15%) than gold or bonds (6%).

The survey also found crypto is being used like a traditional asset for traditional savings goals.

The majority of those that have invested in crypto (32%) have only invested under 10% of their savings and nearly half (47%) intend to hold their crypto for over a year, with a quarter (25%) saying they intend to hold for over five years.

For those that are willing to invest in crypto, 40% say their motivation is to save for a deposit for a home. This increases to 59% of 18-24-year-olds and 52% of 25-34s.

Read more: CRYPASXBetaShares Crypto Innovators ETFAlex VynokurLuno