Bitcoin
$48,649.58+1.41%
Ethereum
$3,514.50-0.60%
XRP
$1.09-0.48%
Cardano
$2.40-0.91%
Polkadot
$34.96-3.57%
Stellar
$0.325824-1.48%
Dogecoin
$0.244282-3.86%
Chainlink
$29.14-2.59%
Uniswap
$24.00-3.27%
Polygon
$1.39+0.41%
Litecoin
$184.25-2.24%
Bitcoin Cash
$635.56-1.55%
Algorand
$1.99-2.60%
Wrapped Bitcoin
$48,700.18+1.35%
Cosmos
$35.24-0.96%
Filecoin
$85.60+1.70%
The Graph
$0.843102-0.42%
Tron
$0.107751-6.91%
Ethereum Classic
$57.99-1.28%
Aave
$364.28-3.92%
Tezos
$6.32-3.54%
EOS
$5.32+0.62%
NEO
$49.94-1.59%
Monero
$268.18+0.13%
IOTA
$1.71+8.88%
BitTorrent
$0.003980-1.39%
Bitcoin SV
$159.75-0.25%
Waves
$29.59-1.73%
Maker
$2,878.65-1.16%
Dash
$204.48-0.99%
Decred
$149.88+0.22%
Decentraland
$0.833971-1.15%
ICON
$1.97-0.56%
NEM
$0.185984-2.18%
Zcash
$141.07+1.56%
Qtum
$12.70-2.17%
NuCypher
$0.337103-3.42%
Bitcoin Gold
$67.57+0.78%
Yearn Finance
$34,058.91-1.33%
OmiseGO
$8.76+2.11%
Basic Attention Token
$0.768997-0.90%
0x
$1.11-1.19%
Ren
$1.07+3.55%
Paxos Standard
$1.00+0.04%
Fetch.ai
$0.876710-2.09%
Bancor
$4.15-1.14%
Band Protocol
$9.48-1.05%
Siacoin
$0.018868-0.76%
Kava.io
$6.29-3.52%
Nano
$5.58-0.62%
Loopring
$0.464569-0.98%
Storj
$1.40-0.24%
Numeraire
$51.08+16.49%
Civic
$0.541386-7.10%
Lisk
$3.63-0.04%
Orchid
$0.369105-2.15%
PAX Gold
$1,765.94-0.39%
Augur
$26.49-0.42%
Aragon
$6.03+0.41%
Enzyme
$115.87-1.35%
district0x
$0.177307-0.39%
Kyber Network
$1.85-4.79%
SingularDTV
$0.001512+16.85%
Tether
$1.00+0.00%
USD Coin
$1.00+0.03%
Dai
$1.00+0.02%

VanEck Launches Bitcoin Exchange-Traded Note on Deutsche Boerse

The VanEck Vectors Bitcoin ETN is now trading on the trading on the Deutsche Boerse Xetra.

Nov 25, 2020 at 3:03 p.m. UTC
Updated Sep 14, 2021 at 10:35 a.m. UTC

VanEck, the New York-based investment management firm with around $50 billion in assets under management, has launched a bitcoin exchange-traded-note (ETN) for trading on the Deutsche Boerse Xetra.

Listed on the Frankfurt, Germany-based trading venue Wednesday, the VanEck Vectors Bitcoin ETN (VBTC) is physically backed by bitcoin and tracks the MVIS CryptoCompare Bitcoin VWAP Close index.

"Bringing to market a physical, fully-backed major exchange-listed bitcoin ETP [exchange-traded product] was a top priority of our firm," Gabor Gurbacs, director of digital-asset strategy at VanEck, said. "We hope to serve many clients and partners in Europe, Asia and across the world using our innovative, investment-friendly and regulatory-conscious access vehicles."

An ETN is a type of unsecured debt security payable to the bearer that tracks an underlying asset or an index. In effect, investors can gain exposure to an asset class without owning it.

VanEck has partnered with Liechtenstein-based crypto custodian Bank Frick for secure bitcoin storage services. The total cost associated with managing and operating the instrument, or the total expense ratio, is 2%. The investment product is currently limited to investors from Germany, the Netherlands and the U.K.

There are now three bitcoin ETNs listed on Xetra. ETC Group was first listed in late June, followed by crypto ETP issuer 21Shares in July.

The firm's decision to launch an ETN comes after several failed attempts to win approval for an exchange-traded fund, or ETF, from the U.S. Securities and Exchange Commission.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...