Charles Schwab Launches Crypto ETF Despite Market Decline

Financial services company Charles Schwab (SCHW) has launched a new cryptocurrency exchange traded fund (ETF) despite the current slump in prices for digital coins and tokens.

The Westlake, Texas-based investment firm said it has issued the new “Schwab Crypto Thematic ETF (STCE)” in response to investor demand for cryptocurrencies.

The company said the new ETF is unique in that it gives investors indirect exposure to cryptocurrencies. The fund does not directly invest in digital coins and tokens. Instead it invests in companies that are involved or affiliated with cryptocurrencies.

Cryptocurrencies included in the new ETF include MicroStrategy (MSTR), Marathon Digital (MARA), Riot Blockchain (RIOT), Coinbase (COIN), and Robinhood (HOOD), among others.

Charles Schwab said it decided to launch the crypto-related ETF despite the sharp drop in prices for digital assets because investor demand remains strong, and it is responding to its customers.

The Schwab Crypto Thematic ETF has gained 5% since it launched earlier this week and is currently trading at $26.88 U.S. per share.

Charles Schwab’s stock is down 19% year-to-date and trading at $69.94 U.S. a share.