US investors are able to buy a Bitcoin exchange-traded note (ETN) via their online advisor, bank or broker.
Even if this CoinShares product is regulated and listed in Sweden, the note which is called Bitcoin Tracker One (CXBTF) is currently listed in US dollars.
This provides investors who may have concerns about direct investments in Bitcoin a safer way to get into the market as well.
“Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona,” Ryan Radloff, CEO of CoinShares Holdings Ltd., told Bloomberg.
“Given the current climate on the regulatory front in the US, this is a big win for Bitcoin.”
“CRYPTO: @CoinSharesCo just announced a #BItcoin ETN quoted in USD (ticker: CXBTF). Similar to GBTC, so traditional brokerage account can buy. @coinshares products trade at NAV (we talked about before) so returns virtually identical to #Bitcoin,” Thomas Lee tweeted.
“With all due respect, this process of opening an account, in Sweden, to buy shares of a company which will “hold” underlying BTC (and file quarterly P&Ls) but also then hires another 3rd party to be “custodian” for BTC, is patently absurd. Current legal framework moronic for BTC,” someone commented.
CRYPTO: @CoinSharesCo just announced a #BItcoin ETN quoted in USD (ticker: CXBTF). Similar to GBTC, so traditional brokerage account can buy. @coinshares products trade at NAV (we talked about before) so returns virtually identical to #Bitcoin https://t.co/j7NNSuoDgn
— Thomas Lee (@fundstrat) August 15, 2018
“You don’t. Just place an order via your Fidelity account, priced in USD. That’s it,” someone else said.
Bitcoin Tracker One has slumped 51% this year amid the collapse in prices of cryptocurrencies.
The notes are issued by XBT Provider AB which is a subsidiary of U.K.-based CoinShares Holdings, which purchases the proper amount of Bitcoin needed.
A spokesperson from the U.S. Securities and Exchange Commission declined to comment for Bloomberg about the subject.