This new cryptocurrency ETF just broke ASX records

The fund has made a big impression on its first day on the the ASX. Here are the details

Sebastian Bowen

Sebastian Bowen has been a Motley Fool contributor since late 2018. Sebastian found his passion for writing and educating others about shares and all things finance after completing his studies in political, economic and social science and enjoys bringing this passion to life at the Fool. His investment philosophy is a simple one – buying high-quality companies at prices that make sense. When he’s not researching his next investment at all hours of the morning, Sebastian enjoys classic movies and likes to unwind with a good book, newspaper or record.

Published November 4, 2021 5:20 pm AEDT

This morning, we covered the ASX's newest exchange-traded fund (ETF) which listed on the ASX boards today. The BetaShares Crypto Innovators ETF (ASX: CRYP) is now live on the ASX and available for trading, just like every other ETF and share on the share market.

But we have something a little different to report with this fund today. It has just broken an ASX share market record. Let's dive in.

If you weren't familiar with this new ETF, let's do a rundown. The BetaShares Crypto Innovators ETF is run by the reputable BetaShares, one of the largest ETF providers on the ASX. According to the provider, this new ETF offers a "convenient, cost-effective way to gain exposure to the leaders of the rapidly emerging crypto economy".

It does not invest in cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), or Shiba Inu (CRYPTO: SHIB) directly. Rather, it tracks companies in the crypto space. Some of its top holdings include Coinbase Global Inc (NASDAQ: COIN), Silvergate Capital Corp (NYSE: SI), and Marathon Digital Holdings Inc (NASDAQ: MARA).

Its portfolio currently has 29 other companies within it, meaning it has a relatively concentrated asset base. Some 77.3% of those 32 shares are domiciled in the United States. Another 10.3% hail from Canada and 4.9% from China.

So, what kind of record has this ETF broken today?

New BetaShares Crypto ETF smashes ASX trading record

Well, according to reporting in the Australian Financial Review (AFR) today, this new CRYP ETF has broken the ASX record for a new fund listing. And it did so within its first 2 hours of life on the ASX. CRYP reportedly experienced $24.5 million worth of trading volume by 12 noon, a mere 1½ hours after its first trade. By 1 pm, this figure had climbed to $28 million.

The AFR says that well and truly smashes the previous record holder, which was Hyperion Asset Management's Hyperion Global Growth Fund (ASX: HYGG), which debuted earlier this year. HYGG 'only' managed to hit $8 million in volume on its first day, so CRYP has blown this record out of the water.

If an ETF was to be judged by its first day, CRYP has certainly made quite an impression.

The BetaShares Crypto Innovators ETF charges an annual management fee of 0.67%, or $67 per annum for every $10,000 invested.

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