WisdomTree has announced the registration of its ETP (Exchange Traded Product) on physically secured Bitcoin with the German stock exchange Xetra. This was reported on the Funds Society portal.
In that release, it was made clear that the physically secured ETP will track the spot price of bitcoin, with WisdomTree buying bitcoins and issuing smaller stocks that can be traded on the exchange and redeemed.
They also stated: “Currently, WisdomTree Bitcoin ETP is listed on the SIX Swiss Exchange, has a total expense ratio of 0.95% and manages $ 380 million.”
And they said that according to the manager, “The registration of the WisdomTree Bitcoin ETP in exchange Xetrase was carried out after the approval of the distribution of this ETP in the European Union (EU) by the Swedish regulatory authority.”
Alexis Marinof, Head of WisdomTree Europe, was quoted as saying:
“The WisdomTree Bitcoin EU Passport has been our goal since we decided to introduce an ETP for cryptocurrencies and the evolution of the regulatory environment has made this possible. This change represents an important milestone for our product that will appeal to institutional investors who are concerned about the lack of ETPs for EU registered cryptocurrencies and the high costs associated with previously available options. “
Marinof later pointed out:
“We maintain a constant dialogue with our customers and are constantly exploring opportunities to expand the WisdomTree Bitcoin ETP and develop the best range of products that add physical assistance to our distinctive heritage and expertise in ETPs.”
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