XBT Company AB announced today the authorization of Bitcoin Tracker One, the very first bitcoin-based security available on a managed exchange, Bloomberg reports.
Bitcoin Tracker One is an “Exchange Traded Keep in mind” (ETN) created to provide investors with hassle-free access to the returns of the hidden asset, U.S. dollar (USD) per bitcoin, less financier charges. Bitcoin Tracker One is licensed by Sweden’s monetary supervisory authority, and will certainly be admitted to trading on Nasdaq Stockholm. The typical dollar currency exchange rate of bitcoin from the most liquid exchanges provides the underlying reference price. The first day of trading is expected to be May 18th, 2015.
“We are proud to provide the world’s first “Bitcoin tracker” to be traded on a managed exchange,” stated Alexander Marsh, Chief Executive Officer of XBT Company. “By enabling this easy and safe and secure method to purchase Bitcoin we want to have gotten rid of the borders that earlier avoided individuals and companies from being able to actively buy exactly what our company believe to be the future of cash.”
“These are amazing times for the Bitcoin ecosystem,” said Board member Staffan Helgesson. “Bitcoin Tracker One will be the world’s first financial instrument that provides consumers and organizations the possibility to invest in bitcoins without holding coins themselves.”
The Bitcoin Tracker One Prospectus, which has actually been accepted by the Swedish FSA, presently is readily available only in Swedish. XTB Supplier AB will certainly hedge all sales of the bitcoin-traded note by buying an equal value in the bitcoin market. A spokesperson for Nasdaq validated to CoinDesk that XBT Provider had been accepted as a certificate issuer and that its item was the first bitcoin-based option to be listed on the Swedish exchange.
Market maker Mangold Fondkommission, a Stockholm-based brokerage and financial investment bank, will certainly assist XBT Supplier with clearing services and functions as a liquidity service provider for Bitcoin Tracker One.
The XBT Carrier internet site specifies that the business is aiming to attract extra liquidity providers to the order book going forward to match the natural circulation of orders. The goal is offering a liquid market with a small spread, making the instrument appealing for all kind of investors.
Bitcoin Tracker One is the current addition to the growing variety of bitcoin financial investment cars that intend to expand bitcoin financial investments beyond the unstable area exchanges and attract traditional financiers who prefer not to trade bitcoin as currency because they are frightened by bitcoin’s wild price swings. Bitcoin Tracker One might end up being an intriguing option for those conventional financiers who are convinced that the dollar exchange rate of bitcoin will certainly increase in the mid- and long term, but choose not to hold bitcoin directly.
Other comparable bitcoin financial investment cars are Barry Silbert’s Bitcoin Financial investment Trust (BIT), which received formal approval for listing on the OTC Markets Group’s OTCQX exchange with the sign GBTC, and the upcoming Winklevoss Bitcoin Trust ETF (Exchange Traded Fund), which will certainly be readily available to investors on NASDAQ with the ticker COIN.
XBT Service provider AB (publ) is a public restricted liability company formed in Sweden and incorporated under Swedish law, with statutory seat in Stockholm. The XBT Provider site specifies that the business is backed and guaranteed by KnCGroup, a bitcoin mining hardware manufacturer and company that has been targeted by a current class action claim.
Picture by TS Eriksson/ CC BY 3.0
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