Simplify Files Application With SEC for Web 3 ETF

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Simplify Asset Management has filed an software with the U.S. Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) centered on Web 3.

  • In a filing Wednesday, Simplify stated the “Simplify Volt Web 3 ETF” would commerce beneath the ticker image “WIII” and observe Web 3 firms which might be anticipated to learn from expertise infrastructure.
  • The fund wouldn’t make investments straight in cryptocurrencies however will allocate as much as 10% of its complete property within the Grayscale Bitcoin Trust. Grayscale is a unit of Digital Currency Group, which can also be the mum or dad of CoinDesk.
  • The ETF could be actively managed by Simplify Asset Management CEO and co-founder Paul Kim and Chief Investment Officer and co-founder David Berns.
  • If accepted, the actively managed ETF could be listed and traded on the New York Stock Exchange.
  • There has been rising curiosity in Web 3, which is the third technology of web companies that has been made potential by decentralized networks.
  • Most lately, Block Inc. CEO Jack Dorsey publicly sparred with enterprise capitalists (VCs) over Web 3, stating in a tweet on Dec. 20 that VCs, not customers, management Web 3, thus making it a “centralized entity with a different label.”

Read extra: ProShares Files Application With SEC for a Metaverse ETF