It is now possible to purchase the “big daddy” bitcoin without actually acquiring it. And the thing is not in the long-anticipated launch of the ETF which American authorities have been trying to bar from the setoff.
Bitcoin-Product Available for Americans
From August 15, crypto-fans and investment risk-takers can buy a bitcoin-related product – Bitcoin Tracker One. This is an exchange-traded note which is technically listed and controlled from Sweden, yet it is simpler to purchase.
This BTC-related product is now quoted in American public currency under the ‘umbrella’ of CXBTF. It began trading three years ago on the Nasdaq Stockholm venue.
Not ETF But ETN
As per Bloomberg’s report, this exchange-traded note is “soft” start of sorts for a cyber-asset ETF. The latter has seen the red light from U.S. regulators a lot in the span of the last months. That’s due to fears over speculation and liquidity.
For example, back in June, the U.S. SEC rejected Cboe’s request to list an ETF, prepared by early bitcoin-investors brothers Winklevoss. Meanwhile, a decision over an adversary fund providers VanEck Associate and SolidX Partners was postponed until early fall.
Benefits of Bitcoin Tracker One
As per the words of the CoinShares Holdings' top exec Ryan Radloff, the opening of Bitcoin Tracker One is that it is available for people who make their piling in dollars. Before, such products were available only in EUR or Swedish public currency SEK (krona). Radloff called it a win for bitcoin because it will give it more support amid regulatory scrutiny in the U.S.
As Bloomberg reports, trading the bitcoin-ETN resembles purchasing U.S. depositary receipt, but traders will see a Swedish-listed asset in American fiat. OTC Markets explains investors can buy F shares. Thus, as trades are conducted in dollars, they are arranged, cleared and held in custody in the Swedish – ‘home’ – market.