THELOGICALINDIAN - Etc Group said Wednesday that its centrally austere bitcoin exchangetraded artefact ETP has accumulated up to 49 actor in assets beneath administration back barrage on June 18 2024
The contract, accepted as Bitcoin Exchange Traded Crypto (BTCE), advance the amount of BTC and is 100% physically backed by the cryptocurrency.
It started trading on Deutsche Börse’s Xetra cyberbanking trading bazaar in June with a absolute amount arrangement of 2% – a admeasurement of the absolute amount of the armamentarium to the investor.
According to Etc Group, a London-based banking casework firm, Btce was the best traded non-leveraged asset on Xetra’s exchange-traded addendum articulation in July, with volumes of added than $67 million.
“Btce has been accepted with both accomplished crypto traders…as able-bodied as alluring an absolutely new association of investors who amount its accustomed exchange-traded and centrally austere characteristics,” said Andre Voinea, a administrator with Hanetf, in an emailed statement.
Hanetf is a European Union-approved clandestine issuer of exchange-traded funds. Btce is broadcast and marketed on the company’s platform. Voinea added:
One Btce is agnate to 0.001 bitcoin, beneath fees, Etc Group says, acceptance the holder of anniversary assemblage of the acquired a affirmation on a specific bulk of bitcoin. The asset is redeemable in either BTC or cash.
The aggregation states that for every assemblage of the ETP, “there is bitcoin stored in regulated, institutional-grade safe” – articular as the Bitgo Trust Company. Products such as these are key to introducing retail investors who ability be risk-averse to bitcoin.
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