Iconic Funds Lists Physically-backed Bitcoin ETP on Deutsche Boerse Xetra
German investment firm Iconic Funds is listing a physical Bitcoin ETP on the Deutsche Boerse Xetra exchange. The digital asset exchange product is expected to expose bitcoin to institutional clients.
Bitcoin ETP will Expose Institutional Clients to Bitcoin
This development was revealed by Iconic Funds today, May 12, in a press release with additional details explained by the investment firm. The Iconic Bitcoin ETP will be issued with the Ticker XBTI and available for trading on the Deutsche Boerse Xetra exchange.
According to Iconic Funds, the BTC ETP will be a cost-effective way for investors to gain exposure to Bitcoin in the German market. The ETP is structured like a traditional ETP and removes the technical complications of investing and holding Bitcoin for investors. Furthermore, each ETP is fully collateralized and represents the specified amount of Bitcoin held by the investment firm. Iconic Fund also revealed that it is exploring a number of international listings of the ETP.
“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,” stated Patrick Lowry, CEO of Patrick Lowry, CEO of Iconic Funds and publicly traded Cryptology Asset Group.
Similar sentiments were echoed by Michael Geister, Head of Crypto ETPs.
“Our Crypto ETPs are designed to meet the highest standards in terms of security, trust, and cost-efficiency. We have teamed up with the most reputable partners to ensure the most robust structure and maximum level of transparency,” he stated.
Iconic Funds is one of the firms that has been at the forefront of crypto-asset adoption in Europe, investing in the crypto space since 2017. They are also one of the first investment firms to issue a fully licensed crypto-asset index fund.
Bitcoin ETPs Springing up Globally
Bitcoin ETPs has continued to increase in popularity as an easy way for institutions and top investors to access crypto assets. Institutional investors have long been wary of purchasing crypto assets due to their regulatory status, and Crypto ETPs appear to be the way forward.
In recent months, countries like Canada and Brazil have approved Bitcoin ETPs, with Canada leading the way with three BTC ETPs and Brazil greenlighting Latin America’s first Bitcoin ETF.