CoinShares – a Swedish company commences the Bitcoin ETN or Exchange Traded Notes. With that millions of traders can step-in in the dollar to purchase BTC without buying it.
BTC ETNs in Place of ETFs
If in the past BTC ETFs have not given you an window opportunity to step ip, another choice is here. This way you can buy the leading coin without really buying it. To achieve this the Swedish firm XBP provider is launching the Bitcoin Tracker One.
With that, an ETN or exchange-traded note has been launched which follows the pair BTC/USD. A non-US security, this Bitcoin ETN is available as an F share quoted in USD and trading on Nasdaq Stockholm exchange, that makes it more accessible to US retirement and brokerage accounts. With that, US based traders and investors can very safely and easily put money on Bitcoin without buying it.
“Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona.” – CEO of CoinShares Holdings Limited – Ryan Radloff.
Mr. Radloff continued:
“Given the current climate on the regulatory front in the U.S., this is a big win for Bitcoin.”
In simple words, the BTO is a foreign asset listed in US D, alike to purchasing depositary receipt. Users are able to buy the F shares, concluding with that despite the changing-hands is completed in US Dollars, they will be cleared and set in the home market.
Even that the Securities and Exchange Commission or SEC has turned away the ETFs in the past, the community have been in high hopes about them. Things are different now with the Exchange Traded Notes entering the scene.