Iconic Funds launches physical bitcoin ETP on Euronext

The Iconic Funds' Physical Bitcoin ETP  will be listed and begin trading on Euronext in Paris and Amsterdam on July 1, 2021. The ETP, physically backed by bitcoin, has a total expense ratio of 0.95%. The ETP is issued by Iconic Funds BTC ETN GmbH, a subsidiary of Iconic Funds GmbH (collectively branded as "Iconic Funds").

The bitcoin ETP aims to remove the technical complications of investing in and holding bitcoin for investors in an industry-leading cost-efficient manner. Each fully bitcoin-collateralised Note of the ETP represents a specified amount of bitcoin, less applicable fees. The Physical Bitcoin ETP was listed on Deutsche Börse's Xetra and SIX last month.

Michael Geister, Iconic's newly appointed Head of Crypto ETPs says, "Euronext being one of the largest exchanges in Europe is joining the club of Crypto-friendly Exchanges. There is huge and rapidly growing demand from all sorts of investor types who want to Access Crypto Assets via Exchange-Traded Products. A fully regulated, robust, tax-efficient and trusted solution like a Physical-backed ETP is the perfect tool for those investors. Based on the current overall assets under management by all listed Crypto-ETPs, the European market grew to over USD 4 Billion. Key motivation for most of the investors is the store of value idea - Bitcoin as the so-called "digital Gold" and the positive impact of crypto allocations to traditional portfolios. Iconic Funds, a joint venture of Iconic and Cryptology Asset Group, founded by Christian Angermayer and Mike Novogratz, intends to bring cost-efficient and innovative Crypto investment vehicles to the market."

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