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The investing world will be presented with two new products on Wednesday that try to cash in on the blockchain technology that underlies Bitcoin.
Reality Shares Inc. and Amplify Investments LLC are launching their Exchange-Traded Funds, or ETFs, focused on investing in companies that lead in the research and development of blockchain and invest in the technology to generate revenue.
The Reality Shares Nasdaq NexGen Economy ETF will list on NASDAQ under the ticker BLCN and the Amplify Transformational Data Sharing ETF will trade under the ticker BLOK on NYSE Arca.
The two news ETFs seek to invest in companies such as Intel, Overstock, IBM, Cisco, Barclays, Microsoft and Hitachi, which are at the forefront to expanding the scope of blockchain into different sectors.
Concerned over the abuse of the word 'blockchain' by companies to boost their image and stock price, the U.S. Securities and Exchange Commission reportedly asked both firms to drop the word if they are not investing in companies that derive a significant portion of their revenue from such technology.
The securities market watchdog has been concerned over the recent surge in the price of Bitcoin and its rivals, and repeatedly denied approval for ETFs that seek to invest directly in cryptocurrencies.