Invesco secures listing for a physically backed Bitcoin ETP on Deutsche Börse

One of the largest US investment firms, Invesco, said it would list a physically backed Bitcoin-ETP on Xetra, the Deutsche Börse structure. ETFStream reports.

The instrument has been assigned the ticker BTIC.

Custodial services are provided by FCA Zodia Custody from Standard Chartered.

The ETP will replicate the movement of the CoinShares Bitcoin Hourly Reference Rate index net of fees. Total Expense Ratio will be 0.99%.

\”Over the past two to three years we have tried to structure the product so that, from an institutional perspective, it looks as close as possible to a traditional ETF. We have focused on custody, segregation of accounts, valuation. One of the strengths of an ETP is its accessibility\”, said Gary Bakston, Head of ETF EMEA and Indexed Strategies at Invesco.

The top executive explained the choice of a spot rather than a futures-based BTIC as becoming more comfortable over time in valuation, and the market’s greater visibility in terms of liquidity.

The publication noted that State Street Global Advisors had previously not ruled out creating a similar product.

Earlier, Invesco declined to launch a bitcoin-futures ETF ahead of the launch of a similar product from ProShares.

Earlier, the company gained listings for two blockchain-focused ETFs on the Chicago Board Options Exchange.

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