WisdomTree announced the listing of its physically backed Bitcoin exchange-traded product (ETP) on Xetra, the Deutsche Börse platform.
The instrument’s listing on the German exchange followed after approval from the Swedish regulator for the distribution of the ETP in the European Union.
“Passporting WisdomTree Bitcoin in the EU has been our ambitious task since we decided to launch the cryptocurrency ETP, and the evolving regulatory landscape made this possible,” said the head of the company’s European division, Alexis Marinov.
The product allows investors access to the first cryptocurrency without the need to store it or interact with the blockchain and digital asset infrastructure, WisdomTree explained.
“Bitcoin has become a hot topic for investment, and its popularity among professional investors is set to grow. A mature market ecosystem, positive corporate news and a substantial rise in prices have helped improve sentiment, prompting investment managers to take a closer look at this asset class,” the company said.
Since March, Coinbase Custody has served as custodian for WisdomTree Bitcoin.
Prior to listing on Xetra, the product traded on Switzerland’s largest stock exchange, SIX Swiss Exchange.
As noted, the exchange’s listing also includes four physically backed crypto ETPs from the British firm CoinShares. In January 2021, on the Swiss exchange, Bitcoin-based product began trading; in February an Ethereum-ETP was added to it.
In April, the firm launched on the platform similar instruments based on Litecoin and XRP.