Sber, the Russian government-backed company and the largest bank in the country, is launching a blockchain exchange-traded fund (ETF) to track the performance of major crypto companies such as Coinbase and Galaxy Digital.
Sber Asset Management officially announced the news on Thursday, stating that the new ETF is linked to various blockchain and crypto industry firms, including hardware and software providers for mining and issuing crypto assets.
Called “Sber — Blockchain Economy,” the fund is set to trade under the ticker SBBE and will track the eponymous index developed by Sber’s investment subsidiary SberCIB.
SBBE’s portfolio will include some of the world’s biggest crypto companies, including the United States’ largest exchange Coinbase, Mike Novogratz’s investment company Galaxy Digital and blockchain software provider Digindex.
According to the announcement, Sber’s blockchain ETF will be the “first ETF in Russia to allow investors to make money in the blockchain market without difficulties associated with direct development, buying, holding and selling digital currencies.”
This story is developing and will be updated.