As the US crypto market desperately awaits Bitcoin ETF approvals, did one just get the nod in Australia? Hmm, sorta… the new BetaShares crypto-stock ETF is set to be the closest thing to it on the Australian Securities Exchange.

According to an announcement today, the exchange-traded fund’s official name is the BetaShares Crypto Innovators ETF and it will trade under the ticker CRYP on the ASX.

It’s significant because, up until this point, Bitcoin/crypto is possibly the only major asset class not covered by an exchange-traded fund on the ASX.

BetaShares says its new product will aim to track the Bitwise Crypto Industry Innovators Index (BITQ), which Bitwise – one of the crypto industry’s biggest digital-asset managers – launched back in May, listing on the New York Stock Exchange.

The announcement highlights crypto exchange Coinbase, Bitcoin mining company Riot Blockchain and Michael Saylor’s MicroStrategy as current index constituents.

To say these particular companies have deep exposure of their own to crypto, and in particular Bitcoin, is an understatement.

“CRYP’s index is designed to capture the full breadth of the crypto ecosystem by providing exposure to pure-play crypto companies,” reads the announcement. “Those whose balance sheets are held at least 75% in crypto assets, and diversified companies with crypto-focused business lines.”

Regarding the approval of the new ETF product, BetaShares chief executive Alex Vynokur told the Australian Financial Review that “it was a very lengthy process”.

BetaShares actually submitted its ETF application to the ASX back in March, although didn’t reveal the full nature of the fund publicly at that time.

“Genuine investor demand is growing,” Vynokur informed the AFR, “and it makes sense for us to offer them exposure to the most important development since the launch of the internet.”

BetaShares reportedly has aims to release an actual crypto-backed ETF, but is waiting on Australia’s regulatory framework to evolve in order to offer the necessary protection for investors.

In the meantime, interest for the upcoming CRYP ETF can be registered here.