Based on the firms in the value chain behind Bitcoin, the portfolio is meant to further promote adoption of the leading cryptocurrency.
Dani Brinker, eToro’s head of portfolio investments, stated:
“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.”
eToro considers Bitcoin’s value chain to include firms focused on crypto mining, semiconductor, payments, exchange, custodianship and insurance services, as well as the digital asset itself. As such, BitcoinWorldWide involves firms like PayPal, electronic chip maker Nvidia, mining hardware provider Canaan, and digital assets firm Coinbase.
Since its genesis block was mined in early 2009, BTC has grown dramatically and now has a market cap of more than $1 trillion. Last year, Bitcoin adoption increased significantly when payments giants like Square and PayPal inroduced plans to provide support for Bitcoin transacitions.
The introduction of eToro’s portfolio, BitcoinWorldWide, is expected to further drive the ubiquity of this pseudynmous cryptocurrency.
Dan Brinker stated:
“As it crosses into mainstream awareness, bitcoin is increasingly in the spotlight. The most significant change surrounding the world’s largest crypto is not its price, but the companies building the value chain around it. From mining operations to chip manufacturers and those delivering services to support usage, payments, exchanges and custody, there’s more to bitcoin than you might think.”
BitcoinWorldWide is one of more than 40 thematic CopyPortfolios that can be accessed via eToro, and users have the option to invest as little as $1,000 so it’s easier for them to get started.
As covered last month, social investment network eToro said it would go public in a SPAC deal via FinTech Acquisition Corp. V. The firm’s valuation was pegged at $10.4 billion.
The deal includes a $650 million common share private placement from investors including ION Investment Group, Softbank Vision Fund 2, Third Point LLC, Fidelity Management & Research Company LLC, and Wellington Management.
Toro reports that in 2020 it added more than 5 million registered users and generated $605 million in revenue growing 147% versus the year prior. In January alone, eToro says it boosted registered users by a whopping 1.2 million while completing 75 million trades. eToro currently has over 20 million registered users. eToro offers equities, ETFs, commodities, currencies, cryptoassets and more.
eToro is regulated in the U.K., Europe, Australia, the U.S., and Gibraltar. In 2019 the company launched crypto and social trading in the U.S.. eToro has received approval from FINRA for a broker-dealer license and plans to launch trading in stocks in the U.S. in the second half of 2021.
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