Swedish digital asset manager Virtune has entered exchange-traded products (ETPs) in Europe with a strategy capturing the top 10 largest crypto assets.
The Virtune Crypto Top 10 Index ETP SEK (VIR10SEK) and Virtune Crypto Top 10 Index ETP EUR (VIR10EUR) are listed on Nasdaq Stockholm with a total expense ratio (TER) of 1.95%.
The strategy physically replicates the Virtune Vinter Crypto Top Ten index offering exposure to the top 85% of the crypto market.
The ETPs rebalance monthly and only capture crypto assets approved by Nasdaq. Each security is capped at a 40% weighting.
The launch comes less than a month after the firm received the green light to list ETPs in Europe.
Christopher Kock, CEO of Virtune, commented: “Virtune has recognised a strong demand for diversified crypto investment products in the Nordic region and is proud to launch this product in collaboration with leading service providers such as Vinter (index provider), Nordic Issuing (issuing agent), Flow Traders (market maker) and Coinbase (custodian) among many others.”
Helena Wedin, head of ETP services, global trading and market services at Nasdaq Stockholm, added: “ETPs provide access to alternative investments while maintaining the transparency of a regulated marketplace – and we are very happy to welcome Virtune as a new issuer of crypto ETPs at Nasdaq Stockholm.”
The firm enters at a busy time for new basket entries, with ETC Group launching an ETP tracking an MSCI index in March.
Two days prior, CoinShares launched its top 10 crypto market and physical smart contract platform ETPs with 0% headline fees.
In January, 21Shares debuted the first ETP to offer staking yields on a crypto basket.