“Charles Schwab is planning to debut an exchange-traded fund that invests in companies benefiting from the popularity of cryptocurrency, signaling the brokerage is looking for growth opportunities tied to digital currencies” — Paul Ebeling
The Schwab Crypto Economy ETF will not invest in cryptocurrency or other digital assets. Instead, it will invest in companies globally that may benefit from the use of bitcoin and other cryptocurrencies as well as other digital assets, according to a prospectus Schwab (NYSE: SCHW) filed with the Securities and Exchange Commission this wk.
Schwab is one of the nation’s largest providers of ETFs.
The ETF’s portfolio could also include companies tied to blockchain and other distributed-ledger technology. The investment portfolio will be based on the Schwab Crypto Economy Index.
Currently, Schwab clients participate in the crypto market by investing in stocks tied to digital currencies such as cryptocurrency exchange Coinbase or Tesla, with its large holding of crypto.
Schwab is enjoying strong growth. In Y 2021, the company picked up more than 3-M new clients.
Have a happy, prosperous weekend, Keep the Faith!