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eToro unveils cryptocurrency stocks portfolio targeting firms operating in crypto sector

eToro launches cryptocurrency stocks portfolio that includes firms operating in crypto sector

Social trading and multi-asset brokerage exchange eToro has unveiled a thematic portfolio dubbed BitcoinWorldWide targeting global companies with an interest in bitcoin.

A statement from the exchange indicates that the new product will serve companies directly or indirectly involved with bitcoin. BitcoinWorldwide is part of leveraging on bitcoin’s rising popularity among institutions. 

eToro notes that companies in the portfolio are mainly bitcoin value chain firms. The group includes firms operating in cryptocurrency mining, semiconductor, payments, exchange, custodianship, and insurance spaces.

The portfolio has listed firms like PayPal (NASDAQ: PYPL), chip manufacturer Nvidia, mining hardware producer Canaan and crypto exchange Coinbase

The statement adds that BitcoinWorldWide will not entail companies that are bullish about bitcoin’s prospects. The exchange singled out MicroStrategy as one of the exclusions.

BitcoinWorldWide to further bitcoin adoption

eToro’s Head of Portfolio Investments Dani Brinker explains the motivation behind the latest crypto product. According to Brinker: 

“Our aim is to provide retail investors with an easy way to get exposure to companies that deliver a service or product essential to the further adoption of bitcoin. It is a broader approach to bitcoin investing that offers a diversified investment, uncorrelated with the bitcoin itself, but maintains exposure to the growth potential of the crypto sector.”

To invest in the portfolio, users will need a minimum of $1,000 with no management fees.

The new product comes in the wake of the company’s addition of Chainlink (LINK) and Uniswap (UNI) to its crypto product offering. The expansion brings eToro’s total crypto offering to 18 digital assets. eToro platform currently has over 20 million registered users. 

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