CoinShares, runned by former JPMorgan Chase trader Daniel Masters, moved more forward in bringing institutional investors to cryptocurrency. An important step in the activity of CoinShares became the launching of an exchange-traded note for Ethereum.
XBT Provider by CoinShares announced that the first Ether Exchange Traded Notes (ETNs) are now available for trading on Nasdaq Stockholm. This product will be the part of the company’s Bitcoin ETN. Appearance of a large number of ETN connected with the cryptocurrency will have a good influence on the industry.
“We’ve stated before that as a group, CoinShares is committed to delivering world-class research and professional-grade access to crypto-assets. Today marks a critical step in delivering on that mission,” said Daniel Masters, Co-Principal at CoinShares.
“This launch is the result of a tremendous amount of hard-work from the CoinShares team, key partners and our counterparts at Nasdaq. We could not be more proud to bring this latest set of pioneering product to the market,” he added.
There are two exchange-traded notes which track the price of Ether:
- Ether Tracker One (COINETH:SS)
- Ether Tracker Euro (COINETHE:SS)
COINETH and COINETHE will be denominated in Swedish krone and Euro. Difference between the ETNs value and Ether price will be about 99 percent correlated. The fund will have the difference from actively traded options and will be 100 percent passive.
“The listing of these two Ether ETNs is a major win for European investors who have been requesting these products for over a year now. As of today, if investors want hassle-free exposure to the price movements of ether, they simply call their broker or trade on their normal brokerage platform – that’s truly remarkable. We are thrilled to be able to deliver on investor demand via a safe, familiar route in Nasdaq,” said Laurent Kssis MD of XBT Provider by CoinShares.
‘Today is a historical moment for Ethereum and ether as an asset; and for the future of crypto-assets,” shared Ryan Radloff, Co-Principal at CoinShares. “It was a little over two years ago that the bitcoin ETNs began trading – offering investors exposure to bitcoin via an established exchange for the first time.
He continued: “Today, we are able to bring ether to the market and mark another major first. It is important to remember how far and how fast the space has matured in the less than 8 years since this revolution began.”
At the moment the product will only be available to European traders for now. It is still not very clear where this ETN will be dissaminated, but anyone with access through their brokers to NASDAQ Stockholm will be able to purchase their product form a technical, market access prospective.
According to the press release, using a broker’s platform to purchase the ETN may allow investors to hold exposure to ether in the retirement account, which may, under certain circumstances, result in a tax-advantaged tax treatment for the ETN in certain jurisdictions.