Cryptocurrency
‘Short Bitcoin’ ETP Available to Investors on Germany’s Second-Largest Exchange
As reported by Coindesk, “A ‘short bitcoin’ exchange-traded product (ETP), which inversely tracks the value of the top cryptocurrency by market cap, is now available to investors throughout Europe. “Swiss crypto product provider 21Shares, formerly known as Amun, said Tuesday its new ‘SBTC’ tracker product would be available to both institutional and retail investors on […]
As reported by Coindesk, “A ‘short bitcoin’ exchange-traded product (ETP), which inversely tracks the value of the top cryptocurrency by market cap, is now available to investors throughout Europe.
“Swiss crypto product provider 21Shares, formerly known as Amun, said Tuesday its new ‘SBTC’ tracker product would be available to both institutional and retail investors on Boerse Stuttgart, the second-largest stock exchange in Germany.
“21Shares Managing Director Laurent Kssis told CoinDesk this would be the first inverse bitcoin tracker tradable in euros, making it accessible to a much wider variety of investors, retail and institutional, based across the European Union.
“Most trackers are currently listed in U.S. dollars, which comes with ‘high hand grenade fees’ for European traders, according to Kssis. The new Boerse Stuttgart listing means retail investors are no longer ‘lumbered with fees and some pretty wide FX rates’ from their brokerages, he said.
“Fully hedged against the underlying bitcoin (BTC) at a 1:1 ratio, 21Shares launched its SBTC tracker on the Swiss stock exchange (SIX) in January. The tracker moves inversely to the BTC spot price: Should the bitcoin price fall by $100, the SBTC tracker will increase by the corresponding amount…”