After a week of trading, XBTCZ has only managed to raise $41,400 in assets as of 12 September.
The shares are limited only to qualified institutional investors and comes with a total expense ratio of 2.9%.
While there are other similar products available such as bitcoin ETPs by Amun AG and XBT Provider which come with a fee of 2.5%, XBTCZ is the first open-end and DTC-eligible bitcoin security that can be held in a brokerage account, according to VanEck.
As of 1 September, bitcoin’s value has climbed 167.8% in 2019 to £8,032.62. XBTCZ’s benchmark, the MVIS Bitcoin US OTC Spot Index (MVBTCO), has slightly underperformed having risen 157.2% over the same period.