Crypto investment platform Bitpanda has launched its first exchange-traded commodity (ETC) tracking bitcoin.
The Bitpanda Bitcoin ETC (YBTC) is listed on Deutsche Boerse and Frankfurt Boerse with a total expense ratio (TER) of 2%.
YBTC is physically backed, fully collateralised and centrally cleared.
Launched in 2014 as a bitcoin exchange, it is the first crypto ETC offering from Bitpanda as it looks to diversify its business beyond retail trading.
In addition to crypto, the firm offers trading in stocks metals and ETFs through its mobile investment platform.
According to Deutsche Boerse, it takes the number of crypto ETNs listed on the exchange to 36 with a monthly order book turnover of around €1bn.
Eric Demuth, CEO of Bitpanda, said: “Issuing an entirely EU-based bitcoin ETC with euro as the base currency, we can offer exposure to an alternative asset class that we feel is ripe for opportunity in the current market environment.”
Bitcoin is up 66% year to date at just over $49,000. The crypto touched an all-time high of $68,700 in November but has since fallen back following regulatory pressure from China and India who are both planning to ban payments in the crypto.
Meanwhile, Invesco entered the market last month with the launch of the Invesco Physical Bitcoin ETP (BTIC).