Iconic Funds' Physical Bitcoin ETP lists on Deutsche Börse's Xetra
Iconic Funds' Physical Bitcoin ETP (ISIN: DE000A3GK2N1, Ticker: XBTI) will be has listed and begun trading on Deutsche Börse's Xetra.
The exchange traded product (ETP), physically backed by bitcoin, is a cost-effective way for investors to gain exposure to Bitcoin on Xetra with a total expense ratio of 0.95 per cent. The ETP is issued by Iconic Funds BTC ETN GmbH, a subsidiary of Iconic Funds GmbH.
Structured as a traditional ETP, comparable to Xetra Gold, the Bitcoin ETP aims to remove the technical complications of investing in and holding bitcoin for investors in an industry-leading cost-effective manner. Each fully bitcoin-collateralised Note of the ETP represents a claim on a specified amount of bitcoin, less applicable fees. With the confirmation of listing on Xetra, the Iconic Funds team has begun exploring international listings of the ETP.
"Iconic's mission is to drive the adoption of crypto assets by creating trustworthy investment vehicles for investors to seamlessly gain exposure to the evolving asset class," says Patrick Lowry, CEO of Iconic Funds and publicly traded Cryptology Asset Group. "We are elated to see our Bitcoin ETP listed on Germany's flagship market and look forward to working with our partners and regulators to bring more products forward for crypto-hungry investors."
Michael Geister, Iconic's newly appointed Head of Crypto ETPs, says: "Iconic is a pioneer in the crypto asset ecosystem due to its history as an investor in blockchain and crypto companies and as regulated manager of crypto investment products. To me, it's a natural step for Iconic Funds to expand its product range by offering physically backed crypto ETPs. Our Crypto ETPs are designed to meet the highest standards in terms of security, trust and cost efficiency. We have teamed up with the most reputable partners to ensure the most robust structure and maximum level of transparency."
Iconic Funds is perpetually at the forefront of driving crypto asset adoption, investing in the crypto space since 2017 and having issued one of the EU's first fully licensed crypto asset index funds in early 2020. By issuing a physically backed Bitcoin ETP — and one of the most cost effective of its kind — Iconic further cements itself as one of the most innovative asset management groups in the world.
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