Ethereum Gets Its First Exchange Traded Productby Fintechnews Switzerland October 11, 2017
Investors seeking exposure to the price movement of ether, the native token of the Ethereum platform, just got a new, but familiar option: two Exchange Traded Notes (ETNs) which track the price of Ether – Ether Tracker One (COINETH:SS) and Ether Tracker Euro (COINETHE:SS).
XBT Provider by CoinShares, the issuer behind the world’s first bitcoin ETNs, is announcing that the first Ether ETNs are now available for trading on Nasdaq Stockholm.
“The listing of these two Ether ETNs is a major win for European investors who have been requesting these products for over a year now. As of today, if investors want hassle-free exposure to the price movements of ether, they simply call their broker or trade on their normal brokerage platform – that’s truly remarkable. We are thrilled to be able to deliver on investor demand via a safe, familiar route in Nasdaq,”
says Laurent Kssis MD of XBT Provider by CoinShares.
The two ETNs, COINETH and COINETHE are denominated in SEK and EUR respectively. In similar fashion to the group’s bitcoin ETNs, the ether ETNs are structured to track the price of ether, as determined by an index rate comprising the average of the 3 most liquid of a select group of exchanges, daily. The ETNs are traded during normal market hours on Nasdaq Stockholm.
“We are happy to be able to provide investors with this new investment opportunity. Given the high interest we have experienced for the previous listings from XBT Provider it is exciting to now expand the offering into this unique exchange traded certificate. While it is important to acknowledge that exposure to an asset in its early stage of development, such as a digital currency, comes with a risk, trading Ether on Nasdaq Stockholm provides investors with the protection provided by a regulated infrastructure, well-known marketplace and accessibility through their ordinary brokers,”
says Helena Wedin, head of ETP Services Europe at Nasdaq.
This is the second major crypto-asset ETN Nasdaq has listed for the CoinShares group, noteworthy as this listing makes Nasdaq Stockholm the only European exchange to offer investors exposure to two of the leading crypto-assets (bitcoin and ether) in a familiar structure.
“Today is a historical moment for Ethereum and ether as an asset; and for the future of crypto-assets. It was a little over two years ago that the bitcoin ETNs began trading – offering investors exposure to bitcoin via an established exchange for the first time. Today, we are able to bring ether to the market and mark another major first. It is important to remember how far and how fast the space has matured in the less than 8 years since this revolution began,”
says Ryan Radloff, Co-Principal at CoinShares.
CoinShares, which has been called the ‘iShares® equivalent for Crypto-finance,’ now represents six professional grade crypto-investment vehicles, all of which are pioneering products in their category. With the addition of ether to the platform, CoinShares represents the most diverse investment product line-up available in professional crypto-finance; and notably, the only way for European investors to add ether to their portfolio via an established exchange.
“We’ve stated before that as a group, CoinShares is committed to delivering world-class research and professional-grade access to crypto-assets. Today marks a critical step in delivering on that mission. This launch is the result of a tremendous amount of hard-work from the CoinShares team, key partners and our counterparts at Nasdaq. We could not be more proud to bring this latest set of pioneering product to the market,”
says Daniel Masters, Co-Principal at CoinShares.