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SEBI Clears Blockchain ETF of ETF

The ETF is investing in another ETF whose rate of return in the past year was 94%.

The Securities and Exchange Board of India (SEBI) has cleared the Invesco CoinShares Global Blockchain ETF Fund of Fund (FoF). It will be one of India’s first financial offerings to provide exposure to the crypto industry, as per a Live Mint report from Friday.

“With blockchain technology is still in its early days, the potential for changing the global economy is immense. Like the internet, blockchain presents an opportunity for investors who can capture this hidden potential”, reads the product document.

Through this indirect route, now Indians can invest in several publicly listed companies in the crypto space.

The feeder fund will invest in Ireland based Invesco CoinShares Global Blockchain UCITS Exchange-traded Fund (ETF). That’s why it is called as Fund of Fund.

Invesco CoinShares Global Blockchain UCITS ETF will in turn invest in various entities based in the crypto industry like Coinbase Global Inc., Bitfarms Ltd, MicroStrategy Inc., etc. It aims to achieve the performance of the CoinShares Blockchain Global Equity Index.

The investments will be made into both Public Blockchain projects and Private Blockchain projects, ranging from token investments to blockchain technology solutions.

In the past year, the Invesco CoinShares Global Blockchain UCIST ETF has delivered a 94% return in USD. In INR it has returned 96% of the investment. Since its inception, it has delivered a 56.8% return in INR terms.

The New Fund Offer for Invesco CoinShares Global Blockchain ETF Fund of Funds will open on 24 November and close on 8 December. 

This has come at a crucial time when the pace of crypto adoption is increasing in India. 

Earlier in the week, it was also reported that the Parliamentary Standing Committee on Finance will be meeting major crypto industry players, of India.

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