Iconic Funds BTC ETN GmbH, a subsidiary of Iconic Funds GmbH (known as “Iconic Funds” as a whole) has been given regulatory approval for the issuance and public offering of a physically backed Bitcoin ETP (Exchange Traded Product).
The ETF will apply to be listed on Frankfurt Stock Exchange’s Regulated Market, which is slated for the week of April 26, 2021.
The recently approved Bitcoin ETP is built as a traditional ETP, much like Xetra Gold. It strived to provide a cost-effective and user-friendly way to invest and hold Bitcoin. Each of the fully Bitcoin-collateralized Note of the ETP is an equivalent of a claim on a specified amount of Bitcoin, and will trade under the ticker symbol XBTI.
“Bitcoin and the crypto industry as a whole is now being recognized as a bonafide asset class with institutions and investors clamoring for a seamless and familiar way to invest,” said Patrick Lowry, CEO of Iconic Funds and Cryptology Asset Group. “Iconic aims to drive the adoption of crypto assets by creating trust in it for investors. Given the list of Tier-1 service providers we have brought together for our physically-backed Bitcoin ETP, we believe we have succeeded in this manner.”
Iconic Funds has been investing in crypto since 2017 and was the one to issue the EU’s first fully licensed crypto asset index funds in 2020. Iconic Funds easily becomes one of the most innovative asset management groups in the world for issuing a physically backed Bitcoin ETP that is more cost effective than most of its kind.