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.
- Iconic Funds said it is also exploring listings for XBTI outside Germany.
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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.