Industry Updates

Crypto specialist launches bitcoin ETP

XBTI becomes the joint-cheapest bitcoin ETP available to European investors

Jamie Gordon

a group of gold coins on a keyboard

Iconic Funds has entered the crypto exchange-traded product (ETP) space with the launch of the joint-cheapest bitcoin strategy available in Europe.

The Iconic Funds Physical Bitcoin ETP (XBTI) is listed on the Deutsche Boerse with a total expense ratio (TER) of 0.95%. 

This fee puts XBTI level with the WisdomTree Bitcoin (BTCW) as the cheapest bitcoin ETP available in Europe. It also sees the ETF offer a lower headline cost than other competitors such as the VanEck Vectors Bitcoin ETN (VBTC), which halved its fee to 1% in March. 

XBTI seeks to physically replicate the performance of bitcoin with each note unit representing a claim on a specified sum of bitcoin, minus fees.

Having debuted with its competitively priced bitcoin product, the firm is planning to list XBTI in other countries.

Michael Geister, the newly appointed head of crypto ETPs at Iconic Funds, said: “It is a natural step for Iconic Funds to expand its product range by offering physically backed crypto ETPs.” 

Having launched one of Europe’s first crypto asset index funds in early 2020, Iconic’s next move after today’s launch might see it follow the path of other crypto issuers and create its own centrally cleared products for other digital assets, such as bitcoin cash and ethereum

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