Deutsche Börse's Xetra starts trading physically-backed Bitcoin ETP today
The Iconic Funds’ Physical Bitcoin ETP is listing on the Deutsche Börse’s Xetra for trading from May 12, 2021.
The product physically backed by bitcoin aims to give investors exposure to the digital currency by eliminating the technical aspect of investing and holding cryptocurrencies.
With the ETP, each fully bitcoin-collateralized note of the product stands for a claim on a specified amount of bitcoin. The product issued by Iconic Funds BTC ETN GmbH, attracts a total expense ratio of 0.95%.
Iconic Funds CEO Patrick Lowry explained the motivation behind the latest product. According to Lowry:
“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. 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.”
Iconic Funds pioneer crypto-related products
The product marks another step by Iconic Funds to drive cryptocurrency adoption, having ventured into space since 2017. In early 2020, the firm pioneered the issuance of Europe’s first fully licensed crypto-asset index funds.
Furthermore, with the listing taking place in Germany, both Xetra and the Iconic Funds are targeting international investors with the product.
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