Horizon Kinetics LLC announced the launch of its second exchange traded fund (ETF), the Blockchain Development ETF (BCDF), an actively managed fund, which began trading on the New York Stock Exchange (NYSE) .
This active ETF will be managed using the same long-term, value-oriented, and proprietary research-driven philosophy that has guided the management of the Firm’s other products over the more than 20 years since Horizon Kinetics’ inception. The ETF seeks to invest in the equity of companies that stand to benefit, either directly or indirectly, from the issuance, facilitation, custody, trading and administration of digital assets, including cryptocurrencies.
“We have been closely following the emergence of blockchain technology for many years. In addition to the transformational nature of cryptocurrency, we believe that the applications of blockchain technology have the potential to be widespread and substantive. The movement toward tokenization is likely to deeply impact operations and security in a variety of ways. Blockchain Development Companies facilitate the issuance, transfer and custody of such digital assets by and between other companies. Blockchain Development Companies may include financial or other exchanges, custodial banks, asset managers, blockchain related software companies, payment processors, and mining companies, among others,” said Murray Stahl, Founder, CEO, and Chief Investment Officer at Horizon Kinetics.
“Blockchain provides opportunities for both new and established companies to create solutions that advance the current capabilities of what we know. The technology is not conditional upon the success of any incumbent token and our investments will be allocated in a way that is not dependent upon a singular cryptocurrency or protocol. We believe blockchain is here to stay, even if its utilization is still widely misunderstood by industry participants. Our active approach allows us to focus on quality companies with applications that we feel provide the greatest value for our clients over time. Though this represents an emerging part of the market, which has not necessarily been typical of our investments, we believe that this strategy is entirely consistent with our value investment strategy. Our value-driven, fundamental analysis will drive our individual security selection for the Fund. Furthermore, we believe that we can identify a variety of companies with solid fundamentals and that are trading at attractive valuations relative to their intrinsic value,” added Brandon Colavita, Co-Portfolio Manager.
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