CoinShares lists physically-backed crypto ETPs on German exchange

CoinTelegraph

European digital asset manager CoinShares is expanding the reach of its physically-backed exchange-traded product (ETP) portfolio with a new listing in Germany.

According to an announcement on Monday, CoinShares Physical Bitcoin (BTC), Ether (ETH), and Litecoin (LTC) ETPs have cross-listed on major German exchange Deutsche Boerse Xetra.

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The digital asset manager started the year by launching a Bitcoin ETP named CoinShares Physical Bitcoin (BITC) in January. Listed on Switzerland’s SIX Swiss Exchange, each ETP is physically backed by 0.001 Bitcoin.

Since then, the CoinShares Physical platform saw the launch of Ether and Litecoin ETPs. CoinShares Physical Ethereum (ETHE) was backed with 0.03 ETH at launch, while CoinShares Physical Litecoin (LITE) was backed with 0.2 LTC.

CoinShares’ chief revenue officer Frank Spiteri said that the CoinShares Physical platform now has over $380 million in assets under management and operates in eleven countries.

The listing of CoinShares Physical Bitcoin, Ethereum, and Litecoin ETPs on Boerse Xetra follows approval from regulators to distribute the ETPs across the European Union, the announcement reads.

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CoinShares’ passporting to Germany enabled CoinShares Physical 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 said. The Boerse Xetra listing offers European institutional investors an entry point into digital assets with the credibility of CoinShares, he added.

Deutsche Boerse Xetra is no stranger to cryptocurrency ETPs. Last year, London-based ETC Group announced the listing of its Bitcoin Exchange Traded Crypto (BTCE) on the exchange. It was also one of two European exchanges along with SIX to list New York-based asset manager WisdomTree’s physically-backed Ether ETP.

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Author: Erhan Kahraman


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