While the entire cryptospace reflects on the need for a Bitcoin ETF, Sweden has already submitted publicly traded exchange Bitcoin Notes (ETN) (Bitcoin ETN).
Now released by a Swedish company known as XBT, Exchange-Traded-Note (ETN), dubbed "Bitcoin tracker one", allows investors to trade Bitcoin and track its performance.
Yesterday, a share of F (mainly a ticker signature for foreign securities) with a CXBTF ticker became available to Bitcoin Tracker-1, allowing American investors to trade and track Bitcoins between USD / BTC. Bitcoin ETN is traded on the Stockholm Stock Exchange (Nasdaq Stockholm).
Speaking to Bloomberg, Bitcoin ETN Issuer, CoinShares CEO Ryan Radloff, explained why this new impact is important:
“Everyone who invests money in dollars can now get access to these products, whereas earlier they were available only in euros or in Swedish krona. Given the current climate on the regulatory front in the United States, this is a big victory for Bitcoin. ”
Radloff talked about a product like this already on US exchanges, known as the Grayscale Bitcoin Investment Fund (GBTC), but sees that his ETN is the best comprehensive investment:
“I see it as a competitive product. Our products have not historically traded at a premium and are liquid. "
Unlike exchange-traded funds (ETFs), which represent a share in the underlying asset, ETN is a “debt security” that acts more like bonds because they are unsecured (i.e., not backed up by the underlying asset, but “full faith and credit” issuer); they effectively work as derivatives issued by banks to track asset performance.
Although this ETN is not particularly new (it began trading in 2015 year), the fact that it became an F-share and, therefore, is quoted in US dollars, makes a difference, revealing interest in the market.