Specialist crypto ETP provider ETC Group has cross-listed the $400 million BTCetc ETC Group Physical Bitcoin ETP (BTCE), Europe’s largest directly backed bitcoin ETP, on Cboe Europe, the largest pan-European stock exchange by market share and value traded.
Tim Bevan, Founder and co-CEO of ETC Group.
The ETP is available to trade on Cboe Europe BV, Cboe’s Amsterdam-based exchange, with trading taking place in euros (Ticker: BTCEd I2) and clearing carried out by SIX x-clear.
BTCE is 100% physically backed by actual bitcoin holdings which are kept in institutional-grade cold storage, providing investors with a secure and transparent way to gain exposure to the largest cryptocurrency by market capitalization.
The product offers several potential advantages over investing directly in bitcoin. These include being traded on transparent, regulated markets; enabling investors to effectively contract-out the technical challenges of purchasing and storing bitcoin, and imparting an additional layer of liquidity in the form of on-exchange trading.
Despite the product commanding an annual fee of 2.00%, making it one of the most expensive exchange-traded products in Europe, BTCE has become a go-to market-access tool for European ETP investors seeking bitcoin exposure.
According to ETC Group, the ETP’s success may be attributed to its institutional-grade design as well as its support network of experienced Authorised Participants and Market Makers which ensure on-exchange liquidity and tight spreads, enabling traders to purchase in all sizes without having to worry about market impact.
Tim Bevan, Founder and co-CEO of ETC Group, commented: “As a flagship product, bringing BTCE to Cboe Europe is a logical step as demand for exposure to crypto recovers worldwide. The BTCE listing on Cboe Europe further establishes ETC Group’s leadership position in European domiciled cryptocurrency-backed securities.”
The ETP is further listed on SIX Swiss Exchange in US dollars, Swiss francs, and pound sterling, on Euronext Amsterdam in US dollars, and on Xetra and Euronext Paris in euros.