(Deutsche Boerse) Asset manager Invesco’s spot BTC exchange-traded note has been listed on Germany’s Deutsche Boerse at the digital stock exchange, Xetra.
The new ETN will trade under ticker BTIC and is centrally cleared by Eurex Clearing. The product will be physically backed by Bitcoin.
The central clearing of Invesco’s ETN allows investors to benefit from reduced risks in transaction settlement.
Zodia, a Standard Chartered crypto platform, will hold custody of Bitcoin held on behalf of the ETN.
Invesco’s partner and European digital asset manager, CoinShares, will serve as the executive agent and index sponsor of BTIC.
Invesco says it has been working on launching the product since mid-2018, with the news coming only a few weeks after the asset manager withdrew a spot Bitcoin future filing in the US.
Up to 26 ETNs are listed on the Xetra exchange tracking various cryptocurrencies, including Bitcoin, Ether, Bitcoin Cash, Litecoin, and Cardano.
ETNs are similar to ETFs and ETPs in that they track an underlying asset. Trading ETNs on exchanges is similar to other securities, although they function more like bonds by enabling exposure to unsecured debt.
BTCUSD is down -0.58%.
