Walmart-Backed Canadian Blockchain ETF Begins Trading Next Month – The Interest In Tech Giants Who Produce Chips For Crypto Miners Is Increasing
The project we’re going to discuss still has to receive regulatory approval, but investments from companies such as Walmart are believed to be on their way to support the cryptosphere.
First Block Capital is Canada’s first fully regulated PM, IFM, and EMD crypto investment firm and it’s currently in the last stages needed to obtain regulatory approval for the FBC Digital Ledger Technology Adopters ETF.
Bill Stormont, the company’s chief operating officer, says that First Block Capital expects to begin trading on Canada’s Aequitas NEO Exchange in September 2018. “The fund won’t rely on the blockchain sector being fashionable.”
He continued and said that ”You’re looking at companies that are going concerns. They don’t necessarily live or die by their blockchain investments, but as they integrate them, we hope that these kinds of names perform.”
Bruce Campbell who is the portfolio manager at StoneCastle Investment Management Inc will be sub-managing the fund which will weight blue-chip stocks by about 75%.
Bloomberg reported that only a quarter of the company’s portfolio would be invested in higher risk developers and crypto miners.
Campbell is looking for tech giants using the blockchain
StoneCastle is a fund-investment management company that’s mainly focused on protecting capital, building assets, and managing risks for high-profile clients.
“We’re looking at companies that are household names– IBM, Maersk, Amazon — all of these big companies which are using blockchain to enhance their business,” Campbell said.
Amplify Transformational Data Sharing ETF, and the Reality Shares Nasdaq NexGen Economy ETF are two U.S. funds which raised about $300 million in just two weeks after listing in January 2018.
Just like First Block Capital, those ETFs have been strongly criticized for charging a hefty premium to investors to hold plain-vanilla technology stocks such as Cisco Systems Inc., Intel Corp., and Nvidia Corp.
These tech giants produce chips used by crypto miners, especially Bitcoin and Ether. Stormont said that the company plans to expand its focus beyond tech companies.