BTCE passes USD160m AUM
Since listing on Deutche Boerse’s Xetra in late June 2020, BTCetc Bitcoin Exchange Traded Crypto (ticker BTCE) has become the most liquid 100 per cent physically backed bitcoin ETP in the world with a record trading volume day on 18 November of over 2 million units or USD36 million.
BTCE has already surpassed USD160million assets under management (AuM) and has the highest turnover of all listings on XETRA’s ETN Segment for October 2020 and November to date.
BTCE tracks the price of bitcoin very closely and does not trade at a large premium. This is because BTCE can be easily converted into bitcoin and so it naturally tracks the price of the underlying asset very closely.
In the last 30 days Bid-Ask spreads averaged just 12.1bps and is often lower than 5bp. High on-exchange liquidity and tight spreads are important to investors because it greatly reduces market impact when trading in size. This improves overall trading performance which means better investment returns.
BTCE tracks the price of Bitcoin and is 100% physically backed, providing investors with safe and transparent way to gain exposure to Bitcoin. BTCE was also the world’s first central counterparty cleared bitcoin ETP6. It is UCITS eligible and is distributed and marketed by HANetf.
Bradley Duke, CEO of ETC Group, says: “With BTCE, our mission was always to bring investors a better way to invest in Bitcoin. We wanted a product that would trade on a major exchange, was highly liquid, tracked the price of bitcoin accurately, was fully fungible with bitcoin and was engineered with investor security front and centre. We are proud of what we have achieved with BTCE and the high trading volumes and spectacular rise in AUM means the investment community is recognising BTCE as the best in class product for investment in bitcoin.”
Maximilian Monteleone, Head of Business Development at ETC Group, adds: “By bringing the trading of bitcoin onto one of the top stock exchanges in Europe, investors don’t have to worry about the real risks associated with trading bitcoin on unregulated markets or, more importantly, the dangers associated with transferring and storing bitcoin themselves. BTCE trades just like a stock and is safely held in the investor’s securities account at their regulated broker or bank.”