XBT Provider, a Swedish-domiciled issuer of Bitcoin and Ether Exchange Traded Products (ETPs), announced today it is now launching its first XRP and LTC tracking Exchange Traded Products. They will be made available April 5th for EU investors via the Boerse Stuttgart owned, Nordic Growth Market (NGM).
The listing marks the first time investors in the EU have access to both digital assets, LTC and XRP, via a regulated exchange alongside other traditional listed investments such as equities or derivatives.
“This is an important moment for traditional investors and the crypto community alike as LTC and XRP now, effectively, have an ISIN number. This was not an easy feat and a lot of credit is due to our MD of XBT Provider, Laurent Kssis and his counterparts at NGM for their expertise in navigating the complexities of the traditional system and bringing these new digital asset products to market for investors” says Ryan Radloff, CEO of CoinShares, parent to XBT Provider.
Notably, with these listings, any eligible investor whose brokerage or electronic trading platform has access to the NGM exchange can add passive LTC or XRP exposures to their brokerage, trading or, in some cases, tax-advantaged accounts such as an ISK (Sweden) or SIPP (UK) account.
“For traditional investors who are interested in trading, and already have accounts with brokers such as Avanza or Nordnet, but may not care to set up new accounts with new, often unregulated, crypto exchanges, two new crypto assets are now available, this is another important step in the professionalization of the infrastructure around this asset class” says Radloff.
This makes XBT Provider’s second venue for listing, and the third time it has broken new ground as it previously listed Bitcoin and Ether tracking products on the Nasdaq Stockholm exchange in 2015 and 2017 respectively; products which actively trade and comprise, as of today, more than $374M of invested assets.
As part of the evolution to offering a broader product suite with a focus on maximizing access to investors, XBT Provider worked with the leading Nordic exchange for investment products, NGM, which is a wholly owned subsidiary of Germany’s second largest exchange, Boerse Stuttgart.
“This is first and foremost a win for investors, especially those in Sweden who have demonstrated such strong support of prior crypto offerings. As an industry, it is important for us to listen, though with caution, to the requests of our investors and respond in kind. We are very excited to be part of making history here with the first ever LTC and XRP tracking products; and look forward to continuing to collaborate closely with XBT Provider on behalf of investors interested in new offerings” says Tommy Fransson, NGM Deputy CEO.
As with XBT Provider’s prior products, each tracking certificate represents a set amount of the underlying asset (LTC and XRP) and tracks a composite index of each asset. When a certificate is purchased on exchange it is then hedged with the corresponding underlying asset 1:1.