German Bitcoin ETN Reaches $1 Billion

btce price feb 22 2021

BTCetc (BTCE), the biggest bitcoin stock traded product on Germany’s biggest stock exchange, Xetra, has surpassed $1 billion. That’s a 2.5x increase over just last month when BTCE stood at about $400 million in market cap. All bitcoin ETNs on Xetra were $600 million in January, now just BTCE has gained $1 billion by itself. They hold 18,131.197 bitcoin, worth about $1 billion, with each share bought being backed by bitcoin and is redeemable for bitcoin. The began trading just this summer with it approved by BaFin, the German financial regulator. At the time they said: “BTCE is structured as an ETC that is physically backed by Bitcoin. Each unit of BTCE gives the holder a claim on a predefined amount of Bitcoin – a structure very similar to physically backed gold exchange traded commodities, and allows investors the option for redemption in Bitcoin.” They’re the biggest in Europe after…

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