CoinShares, headed by former JPMorgan Chase operator Daniel Masters, today announced that it has launched an Ether-traded note (ETN), the cryptocurrency of the blockchain Ethereum, available on the Nasdaq Stockholm market.
With this announcement, ETN joins CoinShares’ original ETN bitcoin offering, launched in 2015, to bring a well-used mechanism from traditional markets to the world of cryptoconversion and joins the rest of its related products:
Its initial product Bitcoin ETN, was considered a surprise. However, the company feels now that it is time to get a new product. Focusing on Ethereum makes a lot of sense. Having more traded notes linked to cryptography can only be good for the investment industry.
The product will only be available to European merchants for now. For regulatory reasons, the global deployment of such an investment vehicle is at present prevented.
Acquiring CoinShares’ ETN products may allow investors to maintain the exposure of the cryptocurrencies in a retirement account, which may lead, under certain circumstances, to favored tax treatment in certain jurisdictions.
TECHNICAL DATA OF THE ETNs:
As for what makes the product unique, it is that the fund differs from the actively traded options and is “100 percent passive” and, it will be tried, that they are close to 99 percent correlated since, the ETNs are based on a derived product, the price of notes and ether may not be the same at all times.
Provider AB (publ)
Underlying asset: Bitcoin denominated in USD
Expiry date: Open-ended
Market maker: Mangold Fondkommission AB
Exchange: Nasdaq (Stockholm)
Prospectus approved by: Swedish FSA
Annual fee: 2.5%
Clearing house: Euroclear Sweden AB
Product type: Certificate
Bloomberg: COINXBT:SS, COINXBE:SS, COINETH:SS, COINETHE:SS
NASDAQ: BITCOIN XBT, BITCOIN XBE, ETHEREUM XBT, ETHEREUM XBTE
Instrument Currency: SEK (Swedish krona)
Bitcoin ISIN Code: SE0007126024
Ether ISIN Code:SE0010296574
BTC Multiplicator: 0.005
ETH Multiplicator: 0.01
Instrument Currency: EUR (Euro)
Bitcoin ISIN Code: SE0007525332
Ether ISIN Code:SE0010296582
BTC Multiplicator: 0.05
ETH Multiplicator: 0.1
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