European digital asset manager CoinShares has entered the German market by cross-listing three of its directly backed crypto ETPs on Deutsche Börse Xetra.
The ETPs, which are aimed at institutional investors, provide exposure to bitcoin, ethereum, and litecoin.
They are the $200 million CoinShares Physical Bitcoin (BITC GY), which comes with an expense ratio of 0.98%; the $110m CoinShares Physical Ethereum (CETH GY), which has an expense ratio of 1.25%; and the $2m CoinShares Physical Litecoin (CLTC GY), which costs 1.50%.
The ETPs debuted on SIX Swiss Exchange earlier in the year and are also passported for sale in Italy, Austria, Belgium, Luxembourg, Netherlands, Spain, France, Denmark, Finland, and Norway.
Each ETP provides 100% “physically” backed exposure to its underlying cryptocurrency while maintaining the added oversight, security, and liquidity inherent in the ETP structure.
The ETPs’ crypto holdings are custodied by Komainu, a hybrid institutional-grade digital asset custodian designed specifically for financial service providers and blue-chip corporates.
Komainu is a joint venture between global investment bank Nomura, digital asset security specialist Ledger, and CoinShares.
Frank Spiteri, Chief Revenue Officer at CoinShares, said: “After launching in January, the CoinShares Physical platform now has over $380m in assets under management and is passported to eleven countries. This cross-listing is another important step for CoinShares, providing investors across Europe with easier access to digital assets. We look forward to leveraging our technology and expertise as we build on this momentum and move into new markets, investment exposures, and strategic partnerships over the course of the year.”
Jean-Marie Mognetti, Chief Executive Officer at CoinShares, added: “Focusing on market demand, we launched earlier this year our institutional platform CoinShares Physical first in Switzerland and now in Europe. Bringing this platform on the German leading exchange Xetra is offering European institutional investors an entry point into digital assets whilst benefiting from the credibility and track record of CoinShares.”
Investors have several options for directly backed bitcoin ETP exposure on Xetra. The cheapest of these is the $10m Iconic Funds Physical Bitcoin ETP (XBTI GY) and the $200M WisdomTree Bitcoin ETP (WBIT GY), both of which cost 0.95%. The BTCetc Bitcoin Exchange Traded Crypto (BTCE GY) is the largest with $650m AUM; it comes with an expense ratio of 2.00%.
Directly backed ethereum ETPs listed on Xetra include the $20m WisdomTree Ethereum ETP (WETH GY), which comes with an expense ratio of 0.95%, as well as the $260m 21Shares Ethereum ETP (21XE GY) and $110m ETHetc – ETC Group Physical Ethereum ETC (ZETH GY), both of which are priced at 1.49%.
The $5m LTCetc – ETC Group Physical Litecoin ETC (ELTC GY), which costs 2.00%, also offers directly backed exposure to litecoin.