A bitcoin Exchange Traded Product (ETP) has gone live today on a wholly-owned subsidiary of Börse Stuttgart, the Nordic Growth Markets.
The certificates, approved by Swedish regulatory authorities, synthetically track bitcoin’s price on four exchanges: Coinbase, Kraken, Bitstamp and Bitfinex.
To hedge, the issuer Valour says they rely on crypto exchanges to buy and sell bitcoin, making this a backed ETP but to a hedging extent rather than fully by law.
They stand out however for having no management fees at all, although brokers that have access to the Nordic Growth Markets may have the usual fees.
“The listing of the Bitcoin Zero ETPs on the Nordic Growth Market is just the first among a range of upcoming products from Valour. It marks a significant step towards the mainstream adoption of digital assets, enabling investors to diversify their portfolios and gain exposure to Bitcoin, whose value has almost tripled this year,” Valour’s Founder and Director, Johan Wattenström, said.
It is the latest crypto ETP to come to market in Europe where the field is becoming competitive, hence this zero management fees ETP.
It’s not clear how accessible the Nordic Growth Market is however, but its Deputy CEO, Tommy Fransson, said:
“Digital assets are an important part of the future financial markets and this is a significant step in making these products available for all investors.”
Indeed, they get to be the first to embrace bitcoin and ethereum with stock traded crypto products launched in Sweden as far back as 2015.
XBT Provider now has a billion in crypto assets under management, with many entering the market since, especially in Switzerland and Germany.
Canada has been a new entrant but with a bang, launching ETFs for both ethereum and bitcoin.
While their neighbor, the free land of the United States, has loopholed their investors into a hugely premium product by Grayscale, but the free peoples’ demand is so high that it nonetheless has attracted billions in mainly bitcoin and ethereum assets under management.
Making all this a tide of sorts, and some say an unstoppable tide as bitcoin and ethereum now march to the stock market.