Charles Schwab asset management filed a crypto ETF to the SEC as they follow similar proposals to major competitors BlackRock and Fidelity Investments. Covered: Charles Schwab Crypto ETF BlackRock and Fidelity ETF’s Charles Schwab Crypto ETF Charles Schwab’s Asset Management firm is the next high-profile company looking to get involved in crypto ETFs. According to […] The post Charles Schwab Follows BlackRock And Fidelity With Crypto ETF appeared first on CryptosRus.

Charles Schwab Follows BlackRock And Fidelity With Crypto ETF

Charles Schwab asset management filed a crypto ETF to the SEC as they follow similar proposals to major competitors BlackRock and Fidelity Investments.

Covered:

  • Charles Schwab Crypto ETF
  • BlackRock and Fidelity ETF’s

Charles Schwab Crypto ETF

Charles Schwab’s Asset Management firm is the next high-profile company looking to get involved in crypto ETFs. According to a Wednesday regulatory disclosure, the asset management company filed to launch an index-tracking ETF that gives investors exposure to companies involved in digital assets and business activities that are in some way interconnected to blockchain technology.

When looking at the finer print of this ETF proposal, the ETF will follow the “Schwab Crypto Economy Index”, which truly focuses on global adoption of digital assets. The index invests and tracks companies involved in staking/mining, trading, or developing new applications for blockchain technology:

“The fund’s goal is to track as closely as possible, before fees and expenses, the total return of an index that is designed to deliver global exposure to companies that may benefit from the development or utilization of cryptocurrencies (including bitcoin) and other digital assets, and the business activities connected to blockchain and other distributed ledger technology.”

Back in January, the CEO of Charles Schwab, Walt Bettinger, told Bloomberg that cryptocurrencies are “hard to ignore” and “fairly significant”. Additionally in January, the head of equity product management of Charles Schwab told Blockworks  that they were seeking additional opportunities to provide their clients to cryptocurrencies and are were evaluating spot ETFs.

BlackRock and Fidelity ETF’s 

The filing of today’s ETF by Charles Schwab Asset Management is in no doubt because of their aspiration to remain competitive with other heavyweight asset management companies like BlackRock and Fidelity.

Recently, BlackRock has been reported to be preparing a crypto trading division to offer to its big ticket clients. The reports state that BlackRock is trying to be directly involved in the crypto market, surpassing intermediaries and likely dealing with exchanges and custodians directly. In January, BlackRock filed for a blockchain-based ETF, which is quite similar to the proposed ETF released today by Charles Schwab Asset Management.

The other big player, Fidelity Investments, has been leading the way in becoming a pro-crypto asset management company. Just this past month, Fidelity launched a Bitcoin-spot ETF in Europe, and in February, the company proposed a Metaverse ETF to the SEC, despite being denied a Bitcoin spot ETF. Fidelity’s Bitcoin spot ETF is live in Canada, and let’s be honest, they clearly don’t care what the SEC thinks anymore, as they recently announced that they have been stacking Bitcoin since 2014. Fidelity is all in.

The US seems to be lagging behind the rest of the world when it comes to crypto ETFs. However, with the constant pursuit of spot ETFs by heavyweight companies like Charles Schwab, BlackRock, and Fidelity, it is just a matter of time until they have to keel over. Wall street is all in on crypto, as it seems like asset management companies and institutional investors are beginning to take the lead when it comes to crypto investments.

Recommended: Apparently The CEO Of BlackRock Is Excited About Crypto

 

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