Furthermore, Schwab Asset Management also announced that its first exchange-traded fund (ETF) linked to cryptocurrencies would begin trading on the New York Stock Exchange Arca from August 4, according to a press release by the asset manager.  In contrast to ETFs, which follow the performance of a diversified portfolio or basket of digital assets, Schwab’s offering will provide investors access to firms that may profit from the development or use of cryptocurrencies and is intended to mirror Schwab Asset Management’s new proprietary index STCE. The index does not directly follow cryptocurrency prices, nor does it invest in them. Rather, it is intended to deliver global exposure to companies that may profit from verifying consensus processes and cryptocurrency mining, as well as trading and brokerage services for digital assets. 

Interestingly, this year has seen the emergence of cryptocurrency-related ETFs 2022 by several different financial organizations, including BlackRock (NYSE: BLK), Fidelity Investments, and now Schwab. David Botset, Schwab’s head of equity product management and innovation, stated:  He added:  It’s worth mentioning that the financial services giant first mentioned in March that it would follow in the steps of BlackRock, Fidelity, and other big-name firms to offer its first in-house crypto product to its 33 million clients. Finally, the three finance giants – Citadel Securities, Fidelity Investments, and Charles Schab Corp announced in June they are joining forces to create a crypto offering that would widen access to digital assets and allow “retail brokerages to offer crypto-executions to their customers.”