BetaShares Crypto Innovators ETF (ASX:CRYP) breaks opening day records…now what?

BetaShares CEO, Alex Vynokur rings the bell at the ASX.

The BetaShares Crypto Innovators ETF (ASX: CRYP) didn’t disappoint on its first day of trading yesterday.

In fact, it saw a record amount of trades within minutes of the opening bell. And strong investor demand kept that going through the day.

We’ll get to those figures in a tick.

But first…

What does the ASX crypto ETF invest in?

The exchange-traded fund (ETF) is the first to give Aussie investors exposure to a range of crypto-related assets via the ASX.

But BetaShares Crypto Innovators ETF doesn’t invest directly in cryptocurrencies like Bitcoin (CRYTPO: BTC) or Ethereum (CRYPTO: ETH).

Instead, it offers investors exposure to a range of crypto mining and blockchain-related companies.

BetaShares’ website says its crypto ETF will hold up to 50 such assets. Currently it lists 32.

Its top holdings, as of this morning, are:

  • Silvergate Capital Corp (12.3%),
  • Marathon Digital Holdings Inc (12.1%),
  • Galaxy Digital Holdings Ltd (11.6%), and
  • Coinbase Global Inc (10.1%).

As we cautioned yesterday, investing in this crypto ETF isn’t for everyone.

As with the high volatility witnessed with crypto prices, so too can investors expect some big ups and downs among the companies that are closely tied to these cryptos’ performances. BetaShares cautions on its website that, “CRYP should be considered very high risk”.

What records did the ETF set, and what’s next?

Just 15 minutes after trade opened yesterday, the first ASX crypto ETF saw $8 million worth of trades.

That broke the previous record for first-day volume, set by the Hyperion Global Growth Companies (ASX: HYGG) fund in March this year.

The crypto ETF ended the day with net buys of $39.7 million.

BetaShares CEO Alex Vynokur said:

Investor demand for exposure to the digital assets theme is considerable as evidenced by the record investor interest in the BetaShares Crypto Innovators ETF. Following the successful launch of CRYP, we are looking forward to building out a range of ETFs providing Australian investors a broad range of exposures to the digital assets ecosystem, including the expected launch of the 1BTC and 1ETH ETFs, which will provide access to the performance of the spot prices of Bitcoin and Ethereum.

While ASX investors will need to wait a while yet for a Bitcoin or Ethereum ETF, clearly there’s plenty of appetite for the newly launched fund.

The post BetaShares Crypto Innovators ETF (ASX:CRYP) breaks opening day records…now what? appeared first on The Motley Fool Australia.

Should you invest $1,000 in CRYP right now?

Before you consider CRYP, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and CRYP wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin and Ethereum. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3whC3sF

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s