Charles Schwab is the latest institutional investor to launch a fund focused on the controversial crypto industry.
The Westlake-based financial giant’s asset management arm will launch its first crypto-related ETF on or about Aug. 4. The Schwab Crypto Thematic ETF will track the Schwab Crypto Thematic Index, which invests in companies that “may benefit from the development or utilization of cryptocurrencies and other digital assets,” the announcement said.
Schwab emphasizes in its announcement that the fund will not invest in crypto directly. Instead, it invests in companies that benefit from crypto-related activities, like mining or staking, developing blockchain applications and enabling the use of digital assets to buy or sell goods and services.
