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Etc Group said Wednesday that its centrally cleared bitcoin exchange-traded product (ETP) has accumulated up to $49 million in assets under management since launch on June 18, 2020.<\/strong><\/p>\n The contract, known as Bitcoin Exchange Traded Crypto (BTCE), tracks the price of BTC<\/a> and is 100% physically backed by the cryptocurrency.<\/p>\n It started trading<\/a> on Deutsche Börse’s Xetra electronic trading market in June with a total expense ratio of 2% – a measure of the total cost of the fund to the investor.<\/p>\n According to Etc Group, a London-based financial services firm, Btce was the most traded non-leveraged asset on Xetra’s exchange-traded notes segment in July, with volumes of more than $67 million.<\/p>\n “Btce has been popular with both experienced crypto traders…as well as attracting an entirely new community of investors who value its familiar exchange-traded and centrally cleared characteristics,” said Andre Voinea, a director with Hanetf, in an emailed statement.<\/p>\n Hanetf is a European Union-approved private issuer of exchange-traded funds. Btce is distributed and marketed on the company’s platform. Voinea added:<\/p>\n The calibre of the Authorized Participants that support liquidity in Btce shows how bitcoin has matured to become a significant and serious institutional asset. By centralizing previously fragmented Bitcoin liquidity on Xetra, we are bringing a time-tested product structure to a new asset class along with the same regulatory protections of buying any other listed security.<\/p>\n<\/blockquote>\n One Btce is equivalent to 0.001 bitcoin, less fees, Etc Group says, allowing the holder of each unit of the derivative a claim on a specific amount of bitcoin. The asset is redeemable in either BTC<\/a> or cash.<\/p>\n The company states that for every unit of the ETP, “there is bitcoin stored in regulated, institutional-grade safe” – identified as the Bitgo Trust Company. Products such as these are key to introducing retail investors who might be risk-averse to bitcoin.<\/p>\n What do you think about the growth of the Etc Group’s exchange-traded product? Let us know in the comments section below. <\/strong><\/em><\/p>\n The post ETC Group’s Bitcoin ETP Hits $49 Million Assets Under Management in Two Months<\/a> appeared first on Bitcoin News<\/a>.<\/p>\n\n