Fri. Oct 23rd, 2020
bitcoin etp liquidity providers

ETC Group has confirmed the singing os a raft of Authorised Participants to support the liquidity of BTCetc Bitcoin Exchange Traded Crypto (BTCE).  BTCE was launched in June 2020, becoming the first exchange traded cryptocurrency product to list on XETRA. BTCE tracks the price of Bitcoin and is 100 per cent physically backed by Bitcoin. BTCE provides investors with a straightforward and safe way to gain exposure to the largest and most widely adopted cryptocurrency. It is also the first centrally cleared cryptocurrency product issued worldwide.  BTCE is issued by ETC Group and distributed via HANetf, Europe’s first independent white-label ETF and ETC platform. 

XTX Markets, Flow Traders and Jane Street are actively making markets on XETRA to bring liquidity, tight trading spreads and execution efficiencies for BTCE – enabling traders to purchase in all sizes without having to worry about market impact. In addition to this, ITI Capital has been signed up to act as Authorized Participant, providing creation and redemption services for investors. ETC Group and HANetf are committed to bringing a first-class group of liquidity providers to ensure BTCE has the deepest liquidity available.

This focus on liquidity provision is already seeing results –since the launch of BTCE on Xetra on 18 June, BTCE AUM has grown to USD53 million. Bradley Duke, CEO of ETC Group, says: “The listing of BTCE on XETRA, and the calibre of the Authorised Participants we’ve assembled shows how Bitcoin has grown up to become a significant and serious institutional asset. Our goal is to centralise fragmented Bitcoin liquidity on XETRA, by bringing a robust and time-tested product structure to this new asset class along with the same regulatory protections of buying any other listed security. We expect to add to this already impressive line-up over time to further improve the trading experience for investors.”

Michael Lie, Head of Digital Assets, Flow Traders, says: “We are delighted to extend our strong working relationship with HANetf alongside ETC Group on the launch of Europe’s first centrally cleared Bitcoin ETC on XETRA. We feel this is a positive step for the Digital Asset space bringing the asset class to the wider European markets.  As Designated Sponsor on XETRA we are able to combine our digital asset expertise with our first class ETP market making capabilities bringing unrivalled liquidity to this asset class.”

ITI Capital, an FCA-regulated prime broker, has deep understanding of the crypto-market thanks to its dedicated digital assets arm ITI Digital. As such, in its role as Authorised Participant, ITI can service clients who wish to purchase OTC blocks of BTCE using either bitcoin or fiat currencies like USD, EUR or GBP and can also deliver bitcoin to BTCE holders wishing to redeem, in addition to providing BTCE securities lending.

Bitcoin is a volatile product and each investor should consider the risks carefully. Past performance is no guarantee of future performance. As with all exchange traded products, an investor’s capital is at risk. Investors can purchase BTCE through their regular broker or bank with access to XETRA or other popular German exchanges, and individuals or institutions wanting to exchange their Bitcoin holdings directly for the product can do so via the network of client-facing Authorised Participants of the Issuer.

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