BetaShares is on the verge of introducing a new crypto-focused exchange-traded fund six months after applying with the Australian Securities Exchange (ASX) (ETF).

The official name of the Australian ETF manager’s new product is BetaShares Crypto Innovators ETF, as per a Wednesday release. It would register on the ASX under the ticker name CRYP after receiving all necessary permits.

BetaShares’ fund, like comparable Bitcoin (BTC) or crypto-focused ETFs, intends to give institutions wanting to invest in digital currencies indirectly a degree of cryptocurrency access.

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The new fund will monitor the Bitwise Crypto Industry Innovators Index, created in May, exposing the top publicly traded blockchain and cryptocurrency companies.

Digital currency exchange Coinbase, Bitcoin mining startup Riot Blockchain, and Michael Saylor’s MicroStrategy are among the present index components, according to the release. However, the bulk of the index (85%) comprises firms that earn at least 75% of their income directly from the cryptocurrency market, like cryptocurrency exchanges, mining firms, and service providers.

The crypto economy is highly dynamic and growing rapidly and is built using exciting and disruptive technology,” stated Alex Vynokur, CEO of BetaShares. He went on to say that the new fund will provide investors access to the crypto market through a familiar, liquid ETF structure.

Mark Twain is famous for saying that “during the gold rush it’s’ a good time to be in the pick and shovel business.” Likewise, CRYP will take a “pick and shovel” approach to the crypto sector, investing in the companies that are driving the crypto economy.”

BetaShares filed for listing on the ASX in March. But, first, the firm kept the nature of its fund a secret. Vynokur went on to say that there is a lot of demand for crypto-focused ETFs and that for the majority of investors, an ETF with legal status is the best option.

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