CoinShares’ XBT Provider launches two ether-tracking ETNs on Nasdaq Stockholm
XBT Provider by CoinShares, the issuer behind the first bitcoin exchange-traded notes (ETNs) in the world, announced in a press release CoinReport received that the first ether ETNs – two in number – are now available for trading on Nasdaq Stockholm.
The two ether-tracking ETNs are Ether Tracker One (COINETH:SS) and Ether Tracker Euro (COINETHE:SS).
Laurent Kssis, MD of XBT Provider by CoinShares, said in the release we received, “The listing of these two Ether ETNs is a major win for European investors who have been requesting these products for over a year now. As of today, if investors want hassle-free exposure to the price movements of ether, they simply call their broker or trade on their normal brokerage platform – that’s truly remarkable. We are thrilled to be able to deliver on investor demand via a safe, familiar route in Nasdaq.”
COINETHE and COINETH are denominated in EUR and SEK, respectively. Just like the group’s bitcoin ETNs, the ether ETNs are also structured to track ether’s price as set by an index rate constituting the average of the three most liquid of a select group of exchanges, every day. The ETNs are traded during normal market hours on Nasdaq Stockholm.
Helena Wedin, head of ETP Services Europe at Nasdaq, stated, “We are happy to be able to provide investors with this new investment opportunity. Given the high interest we have experienced for the previous listings from XBT Provider it is exciting to now expand the offering into this unique exchange traded certificate. While it is important to acknowledge that exposure to an asset in its early stage of development, such as a digital currency, comes with a risk, trading Ether on Nasdaq Stockholm provides investors with the protection provided by a regulated infrastructure, well-known marketplace and accessibility through their ordinary brokers.”
This is the second time Nasdaq Stockholm has listed a major crypto-asset ETN for CoinShares group. Previously, they listed bitcoin ETN. Now, the stock exchange has become the only European exchange that offers investors exposure to two of the top crypto-assets (bitcoin and ether) in a familiar structure.
Ryan Radloff, co-principal at CoinShares, commented, “Today is a historical moment for Ethereum and ether as an asset; and for the future of crypto-assets. It was a little over two years ago that the bitcoin ETNs began trading – offering investors exposure to bitcoin via an established exchange for the first time. Today, we are able to bring ether to the market and mark another major first. It is important to remember how far and how fast the space has matured in the less than 8 years since this revolution began.”
Called the ‘iShares® equivalent for Crypto-finance,’ CoinShares now represents six professional-grade crypto-investment vehicles, which all are pioneering products in their categories. With the inclusion of ether to the platform, CoinShares represents the most varied investment product line-up available in professional crypto-finance; and especially, the only way for European investors to include ether to their portfolios through a recognized exchange.
Daniel Masters, co-principal at CoinShares, said, “We’ve stated before that as a group, CoinShares is committed to delivering world-class research and professional-grade access to crypto-assets. Today marks a critical step in delivering on that mission. This launch is the result of a tremendous amount of hard-work from the CoinShares team, key partners and our counterparts at Nasdaq. We could not be more proud to bring this latest set of pioneering product to the market.”
Image credit – Ankara (CC BY-SA 3.0)