WisdomTree cross-lists bitcoin ETP on Xetra

Apr 14th, 2021 | By | Category: Alternatives / Multi-Asset

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WisdomTree has cross-listed the WisdomTree Bitcoin ETP on Deutsche Börse Xetra where it is tradable in euros (WBIT GY).

Alexis Marinof, Head of WisdomTree Europe

Alexis Marinof, Head of Europe, WisdomTree.

The ETP offers a liquid and convenient means to access the world’s largest cryptocurrency while bypassing the technical challenges of purchasing bitcoin directly from cryptocurrency markets such as setting up a digital wallet, managing cryptographic keys, or trading on unregulated crypto exchanges.

Each share of the ETP is fully backed by a coin entitlement stored using institutional-grade storage solutions through Swissquote Bank or Coinbase Custody. Investors are able to view each share’s coin entitlement as well as the total amount of bitcoin secured in custody on WisdomTree’s website.

The ETP houses $380m and comes with an expense ratio of 0.95%. It is also available to trade on SIX Swiss Exchange through US dollar (BTCW SW) and euro (WBTC SW) share classes and has been passported for distribution in Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Spain, and Sweden.

Investors have several choices for directly backed bitcoin ETP exposure in Europe. These include the $1.3 billion BTCetc Bitcoin Exchange Traded Crypto (BTCE GY) at 2.00%; the $390m CoinShares Physical Bitcoin ETP (BITC SW) at 0.98%; the $340m 21Shares Bitcoin ETP (ABTC SW) at 1.49%, and the $200m VanEck Vectors Bitcoin ETN (VBTC GY) at 1.00%.

Alexis Marinof, Head of Europe, WisdomTree, commented: “Passporting the WisdomTree Bitcoin ETP in the EU was the ambition since we decided to launch a cryptocurrency ETP. The move represents an important milestone for our best-in-class product and one which will resonate with institutional investors concerned about the lack of EU-listed crypto ETPs and high fees associated with previous options. Our goal is to be the leader in crypto ETPs. We are in constant dialogue with clients and evaluating opportunities to build on the WisdomTree Bitcoin ETP and develop a suite of best-in-class products which leverage our heritage and expertise in physically backed ETPs.”

Jason Guthrie, Head of Capital Markets and Digital Assets in Europe, WisdomTree, added: “As a new asset class, gaining credibility from institutional investors was never going to happen overnight. With bitcoin passing $1 trillion in market cap, many institutional investors have started to acknowledge cryptocurrencies are here to stay and are doing their due diligence, as they consider making allocations to digital assets. The Xetra listing, along with the recent appointment of Coinbase Custody as our second custodian, will appeal to a wide range of professional investors and really demonstrates our commitment to delivering a superior investment experience to those allocating to our bitcoin ETP.”

Jonathan Steinberg, CEO of WisdomTree, concluded: “We believe the WisdomTree Bitcoin ETP is the most investor-friendly bitcoin ETP in the market, and we are thrilled to bring this ETP to more investors through its listing on Xetra. The growth of bitcoin over the past 12 months reinforces our view that bitcoin, digital assets, and blockchain technology will be increasingly important in financial services going forward. This announcement demonstrates our continued investment in this space to deliver value for our clients.”

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