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CoinShares lists physically backed crypto ETPs on German exchange



European digital asset supervisor CoinShares is increasing the attain of its physically backed exchange-traded product (ETP) portfolio with a brand new itemizing in Germany.

In keeping with an announcement on Monday, CoinShares Bodily Bitcoin (BTC), Ether (ETH) and Litecoin (LTC) ETPs have cross-listed on main German exchange Deutsche Boerse Xetra.

The digital asset supervisor began the yr by launching a Bitcoin ETP named CoinShares Bodily Bitcoin (BITC) in January. Listed on Switzerland’s SIX Swiss Exchange, every ETP is physically backed by 0.001 Bitcoin.

Since then, the CoinShares Bodily platform has launched Ether and Litecoin ETPs. CoinShares Bodily Ether (ETHE) was backed with 0.03 ETH at launch, whereas CoinShares Bodily Litecoin (LITE) was backed with 0.2 LTC.

CoinShares chief income officer Frank Spiteri mentioned that the CoinShares Bodily platform now has over $380 million in belongings beneath administration and operates in 11 nations.

The itemizing of CoinShares Bodily Bitcoin, Ether and Litecoin ETPs on Boerse Xetra follows approval from regulators to distribute the ETPs throughout the European Union, the announcement reads.

CoinShares’ passporting to Germany enabled CoinShares Bodily ETPs’ entrance into Germany, Italy, Austria, Belgium, Luxembourg, Netherlands, Spain, France, Denmark, Finland and Norway.

“Focussing on market demand, we launched earlier this year, our institutional platform CoinShares Physical first in Switzerland and now in Europe,” CoinShares CEO Jean-Marie Mognetti mentioned. The Boerse Xetra itemizing gives European institutional traders an entry level into digital belongings with the credibility of CoinShares, he added.

Deutsche Boerse Xetra is not any stranger to cryptocurrency ETPs. Final yr, London-based ETC Group introduced the itemizing of its Bitcoin Exchange Traded Crypto (BTCE) on the exchange. It was additionally one in every of two European exchanges together with SIX to listing New York-based asset supervisor WisdomTree’s physically backed Ether ETP.

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