Bitcoin Exchange Product ETN Becomes Available for US Citizens
Cryptovest
Published Aug 17, 2018 08:04AM ET
Updated Aug 17, 2018 09:21AM ET
Bitcoin Exchange Product ETN Becomes Available for US Citizens
Bitcoin Tracker One (CXBTF), an exchange-traded note (ETN), has been quoted in US dollar, meaning that this type of Bitcoin (BTC) investment product is now available to US investors that want BTC exposure, Bloomberg reported on Wednesday. The move is significant as the US Securities and Exchange Commission (SEC) has rejected several BTC exchange-traded fund (ETFs) proposals and ETNs are viewed as an alternative to ETFs by crypto investors like Thomas Lee.
CXBTF, owned by CoinShares company, has been traded in the NASDAQ Stockholm Exchange since 2015 but added US dollar availability this week. Although it is under Swedish legal jurisdiction, it can be purchased from outside the country, for example as a foreign debt instrument on the US-based over-the-counter (OTC) market.
“Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona,” Ryan Radloff, the chief executive officer of CoinShares Holdings told Bloomberg.
“Given th...
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