BitcoinETI, an asset-backed Exchange Traded Instrument that exclusively invested in bitcoin will be included in the Gibraltar Stock Exchange under the ticker BTCETI.
In an announcement today, the Gibraltar Stock Exchange (GSX) has revealed its addition of BitcoinETI, a bitcoin-centric Exchange Traded Instrument (ETI). The stock exchange states that the asset-backed ETI’s inclusion will be the first European regulated product for the cryptocurrency.
Bitcoin will be the underlying asset backing the Exchange Traded Instrument and the inclusion of BitcoinETI will now enable asset managers and funds assess and track Bitcoin through the Gibraltar Stock Exchange.
The Bitcoin ETI was approved for listing on the GSX on July 22, 2015 and will subsequently be co-listed on Deutsche Börse this week, under the ticker BTCETI.
“GSX is an EU regulated market which offers efficient and cost effective solutions for innovative companies and financial products. We look forward to supporting the BitcoinETI in its entry to the public markets” said Nick Cowan, Managing Director of the Gibraltar Stock Exchange, in a statement.
Gibraltar-based firm iStructure PCC PLC issued the BitcoinETI, following a partnership between a number of stakeholders that includes the Gibraltar government and companies including regional Fintech firm and sponsor Revoltura Limited. The Financial Services Commission, Gibraltar’s financial regulator is also among the partners resulting in the issuance of the Bitcoin-based ETI.
Revoltura Limited is offering BitcoinETI for “sophisticated investors”, with a minimum order size of 100,000€ while listing bitcoin exchange Coinbase as the custodian of the cryptocurrency. Furthermore, listing the ETI on the Gibraltar Stock Exchange enables sales of the instrument across all 33 countries of the European Economic Area (EEA).
Ransu Salovaara, CEO of Revoltura Limited cited Bitcoin’s ever-increasing annual growth, up from 30% in 2015 to another 50% as of July 2016, with a daily trading volume of nearly €1bn as factors that make […]
