WallStreetBets Announces Community Polling Results for First-of-its-Kind Exchange-Traded Portfolio (ETP)
WallStreetBets Announces Community Polling Results for First-of-its-Kind Exchange-Traded Portfolio (ETP)
Historic community vote selects Bitcoin, Balancer and others as starting allocation for first ETP on WallStreetBets’ decentralized application
NEW YORK--(BUSINESS WIRE)--WallStreetBets, the grassroots collective that grabbed headlines for its battle against GameStop short sellers, today announced the results of its first community poll determining the 20 starting cryptocurrency assets comprising the WSB Crypto 20 ETP, WallStreetBets’ debut Exchange-Traded Portfolio (ETP). The impending ETP launch represents a leap in creating a more fair, direct and transparent system that places power in the hands of community members over corrupt institutions and privileged insiders.
More than 6,000 participants voted on the first ETP, which is a weighted portfolio of digital assets similar to an index fund, demonstrating WallStreetBets’ trust in the community’s collective decisions from portfolio composition to future rebalancings. These novel compilations of assets will first include cryptocurrencies but will soon involve tokenized versions of shares for such companies as Tesla, providing unparalleled access to both crypto and traditional market products for users around the world.
The inaugural WSB Crypto 20 ETP starting allocation and proposed weighting is:
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The 20 crowd-selected assets are weighted by market capitalization, with a proposed 15% cap for optimal portfolio diversification and a 0.2% swap fee.
To finalize the ETP’s composition, investors holding $WSB governance tokens will engage in the first live on-chain vote, kicking off a fairer system that places power in the hands of the community, alleviates market manipulation and provides a tool for retail investors to voice their opinions.
“The initial ETP results attest to the combined strength of our community’s wisdom and make up a diverse portfolio that will likely improve returns, mixing players like Bitcoin and Etherum with DeFi blue-chips and promising smaller project tokens,” said BTCVIX, CEO of the WSB DApp. “Looking forward, we plan to bring our ETP model to top-tier exchanges and big brokers, pioneering a new application of DeFi with diverse investors at the center of decision-making.”
Once the ETP is launched, $WSB holders will continue to vote on the portfolio’s regular rebalancing and asset exposure, yield farming procedures and DAO operations using the Ethereum or Binance Smart Chain blockchains.
“The digital asset landscape has proven to be volatile, but ETPs can be structured to hedge against market risks by strategically combining crypto with tokenized shares of companies and more,” said Jaime Rogozinski, founder of WallStreetBets and strategic partner of the WSB DApp project. “Risk can mean a lot more to retail investors than massive hedge funds, and with the extreme market dips that recently took place, ETPs offer a promising and reliable model to protect the ‘little guys’ and position them for long-term financial prosperity.”
The official verified address for investors to access $WSB governance tokens can be found here. For more information about the WallStreetBets decentralized app or ETPs, visit https://www.wsbdapp.com/.
About WallStreetBets
Founded in 2012, WallStreetBets is a movement that aims to empower the “little guy” investors of the world against unaccountable financial institutions. The movement lacks formal leadership and is instead a grassroots decentralized effort to leverage the power of community organizing for bringing accountability and transparency.
Contacts
Media:
hello@wsbdapp.com
WSBDapp.com