Cryptocurrency investment manager ETC Group is expanding its offering of exchange traded products (ETP) for Bitcoin (BTC) in the UK after using Swiss market rules to circumvent stricter UK regulations.
The ETC Group’s physical Bitcoin ETP, which trades under the ticker symbol BTCE, will trade on June 7th on the Aquis Exchange in London and Paris, the company announced on Tuesday. When launched, BTCE will be the first cryptocurrency ETP to trade in the UK.
Bradley Duke, CEO of ETC Group, said the product is already being used by investors as an “effective hedge against inflation”. He explained:
“The ETC Group offers Bitcoin, Ether and Litecoin exposure through our 100% physically secured cryptocurrency ETPs.
Alasdair Haynes, CEO of Aquis Exchange, described cryptocurrency as a “bona fide asset class” that offers investors more options for a balanced portfolio. “Aquis has a long history of innovation and is flexible in responding to customer demand for these assets so that traders can access them in a liquid, regulated environment,” he said.
Since launching its Bitcoin ETP in Germany in June 2020, the ETC Group has traded $ 5.4 billion in cryptocurrencies, underscoring the continued growth in investment in digital assets among institutions.
The arrival of so-called smart money investors has catapulted Bitcoin and other digital currencies into the spotlight. However, their exposure to the market has added another level of uncertainty to Bitcoin’s price targets after the halving. As Cointelegraph recently reported, much of the sales in the BTC markets of late have been made by new entrants.
Meanwhile, fund issuers are queuing across the Atlantic to convince the US Securities and Exchange Commission to finally approve an exchange-traded Bitcoin fund. Six high profile funds are currently under review by the US Securities and Exchange Commission, with the first decision slated for later this month.