Wall Street heavyweight Brian Kelly is starting a blockchain-based exchange-traded fund.
Kelly’s independent investment firm BKCM fund, which focuses on cryptocurrency and blockchain, will partner with ETF provider REX Shares.
Thank you @BKBrianKelly and @NYSE! We are excited to launch $BKC in partnership with you. Press release announcing launch can be found here: https://t.co/sWR1j3uYPz #Crypto #Blockchain #Equity #ETF https://t.co/V8JQLQuLtN pic.twitter.com/42uxcgnZeV— REX Shares (@REXShares) May 16, 2018
The author of “The Bitcoin Big Bang” had been asked by investors how to begin investing in blockchain technology without the hassle of storage, cybersecurity and other issues.
Blockchain acts a public ledger of data that records transactions across a network of computers. It is decentralized, meaning that there is no one person with the power to alter the records.
“What excites me most is that this opportunity may be really early on in its investment cycle,” said Kelly in a statement.
The fund manager will work alongside REX Shares founder Greg King to manage a portfolio of 32 companies with the use of blockchain technology.
“BKC ETF really stands out because of the level of crypto industry connections and access that Brian has at the wheel,” said Fundstrat managing partner Thomas Lee in a statement.
There have been four blockchain ETFs established in the U.S. this year, including Innovation Shares NextGen Protocol ETF (KOIN) which uses artificial intelligence to choose stocks.