Schwab Set to Offer Crypto Product
SEC Approves Spot Bitcoin ETFs
WESTLAKE Texas-- BUSINESS WIRE-- Schwab Asset Management, the asset management division of The Charles Schwab Corporation (NYSE: SCHW), today announced that it has received approval from the Securities and Exchange Commission (SEC) to offer a spot bitcoin exchange-traded fund (ETF). The ETF will be the first in-house crypto product offered by Schwab Asset Management, and it will be available to Schwab's 33 million clients.
About the ETF
The ETF will track the performance of the Schwab Crypto Thematic Index, which is a market-cap-weighted index of companies that are involved in the cryptocurrency ecosystem. The index includes companies that mine cryptocurrency, provide technology for the cryptocurrency industry, and hold cryptocurrency on their balance sheets.
Benefits of the ETF
The ETF will provide Schwab clients with a number of benefits, including:
- Access to the cryptocurrency market without having to buy and store cryptocurrency directly.
- Diversification within their cryptocurrency investments.
- The ability to trade cryptocurrency in a familiar and regulated environment.
Availability of the ETF
The ETF is expected to launch in the coming weeks. It will be available to Schwab clients through Schwab.com, the Schwab mobile app, and Schwab financial advisors.
About Schwab Asset Management
Schwab Asset Management is a leading provider of investment products and services. The company manages over $6 trillion in assets for individuals, families, institutions, and retirement plans. Schwab Asset Management offers a wide range of investment products, including mutual funds, ETFs, and managed accounts.
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