The ETC Group is set to have a Bitcoin Exchange-Traded Product (ETP) listed on Xetra, a trading platform owned by Deutsche Boerse. The ETP, listed under the name Bitcoin Exchange Traded Crypto (BTCE), will be listed with the help of HANetf.
The ETP is slated for listing at the end of the June. With this, the London-based ETC Group launches the first centrally cleared Bitcoin ETP on XETRA.
Backed physically 100%, investors from Germany, the United Kingdom, Italy and Austria will be able to purchase BTCE shares. Each share is worth 0.0001 BTC with the BitGo Trust Company acting as custodian of the assets. It is slightly more expensive than ETFs at a 2% per annum total expense ratio.
Bradley Duke, CEO of ETC Group was happy to contribute in the effort to take Bitcoin into the mainstream, saying,
With BTCE, we are transporting Bitcoin into the fold of mainstream, regulated financial markets. Investors get the benefits of trading and owning Bitcoin through a regulated security. while having the optionality of redeeming Bitcoin if they choose.