The issuer of the world’s first bitcoin exchange-traded notes (ETN), XBT Provider, has announced the launch of the first ethereum ETNs. XBT Provider will launch two exchange-traded notes – Ether Tracker One (COINETH) and Ether Tracker Euro (COINETHE).
XBT Provider states that the two ETNs are denominated in SEK and EUR respectively, and that pricing will track the value of ethereum “as determined by an index rate comprising the average of the 3 most liquid of a select group of exchanges, daily”. The ETNs will be traded during normal market hours on Nasdaq Stockholm.
Laurent Kssis, a representative of XBT Provider, has described the launch of the ethereum ETNs as a response to popular demand from traders. “The listing of these two Ether ETNs is a major win for European investors who have been requesting these products for over a year now. As of today, …investors can trade [Ethereum]… via a safe, familiar route in Nasdaq.”
Head of ETP Services Europe at Nasdaq, Helena Wedin, stated that “while it is important to acknowledge that exposure to an asset in its early stage of development, such as a digital currency, comes with a risk, trading Ether on Nasdaq Stockholm provides investors with the protection provided by a regulated infrastructure, well-known marketplace and accessibility through their ordinary brokers.
XBT Provider is a Swedish domiciled company that is owned by Coinshares. The company released the first bitcoin exchange-traded note, Bitcoin Tracker One, which was launched on Nasdaq Stockholm in 2015. XBT’s prospectus has been approved by the Swedish FSA (Finansinspektionen).