Iconic Funds, a German investment-product provider, is listing a bitcoin exchange-traded product (ETP) on Deutsche Boerse’s Xetra market.
- The ETP will begin trading under the ticker “XBTI” on Wednesday with a total expense ratio of 0.95%.
- The product is structured as a traditional ETP and aims to remove the technical complications of investing in and holding bitcoin for investors, the Frankfurt-based firm said.
- Each fully bitcoin-collateralized note of the ETP represents a claim on a specified amount of bitcoin.
- Several crypto ETPs already trade on the Xetra platform, with the most recent launched by 21Shares and asset manager WisdomTree.
- Iconic Funds said it is also exploring listings for XBTI outside Germany.