Crypto ETP sector expands as Bitcoin-linked fund begins trading in Frankfurt
The new EPT, launched by German group Iconic Funds, is physically backed by Bitcoin and is aiming to “remove the technical complications of investing in and holding Bitcoin for investors in an industry-leading cost-effective manner”
The growth of crypto-linked exchange-traded products (ETPs) took another step forward on Wednesday as a new Bitcoin ETP began trading on the Deutsche Boerse’s XETRA market.
The EPT, which is provided by German group Iconic Funds, is physically backed by Bitcoin and is aiming to “remove the technical complications of investing in and holding Bitcoin for investors in an industry-leading cost-effective manner”.
READ: Ethereum ETP launched in Frankfurt by asset manager WisdomTree
Iconic added that following the listing on XETRA it is now exploring listing the ETP on international markets.
“Iconic’s mission is to drive the adoption of crypto assets by creating trustworthy investment vehicles for investors to seamlessly gain exposure to the evolving asset class”, Iconic Funds chief executive Patrick Lowry said in a statement.
“We are elated to see our Bitcoin ETP listed on Germany’s flagship market and look forward to working with our partners and regulators to bring more products forward for crypto-hungry investors”, he added.
The Deutsche Boerse has seen a flurry of crypto-related ETPs in recent months as growing mainstream acceptance and investor interest in digital currencies has encouraged funds to offer opportunities for investors to gain exposure to the market through proxies.
In late April, asset manager WisdomTree expanded its own offering of crypto-based ETPs with the launch of an Ethereum ETP on XETRA and the Swiss stock exchange in Zurich.
WisdomTree is also awaiting a review of its application for a US-listed Bitcoin exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC).
Read More: Crypto ETP sector expands as Bitcoin-linked fund begins trading in Frankfurt