On 15th August, Bitcoin Tracker One, which is a new way for U.S. traders to invest in Bitcoin was launched, making a huge change in the trading feasibility of the cryptocurrency. Bitcoin Tracker One is an Exchange-traded Note [ETN] that works similarly to an Exchange-Traded Fund [ETF].
The ETN was readily available for the investors in Sweden since 2015 on the Nasdaq Stockholm exchange. Earlier this week, on Wednesday, this ETN was made listed with the U.S. dollar under the ticket CXBTF.
Recently, much debate has been running on the Bitcoin ETF and its approval by the U.S. Securities and Exchange Commission [SEC]. Among the popular proposals to the SEC, first came the Winklevoss Bitcoin ETF and then arrived the VanEck-SolidX Bitcoin ETF wherein the former was rejected, while the latter was delayed to 30th September by the regulatory authority.
The native company of Bitcoin Tracker One is called CoinShares Holdings Ltd., whose CEO Ryan Radloff spoke about the benefit of the ETN to the U.S. investors. He stated:
“EVERYONE THAT’S INVESTING IN DOLLARS CAN NOW GET EXPOSURE TO THESE PRODUCTS, WHEREAS BEFORE, THEY WERE ONLY AVAILABLE IN EUROS OR SWEDISH KRONA. GIVEN THE CURRENT CLIMATE ON THE REGULATORY FRONT IN THE U.S., THIS IS A BIG WIN FOR BITCOIN.”
Subsequently, the leader of CoinShares also claimed the ETN product to be competitive and liquid. Through Bitcoin Tracker One, many investors holding U.S. dollars can now gain exposure in the cryptocurrency front. This will help fill the knowledge gap of investors regarding Bitcoin in the market and make it more accessible.
Earlier this month, the CEO of Pantera Capital, Dan Morehead also shared his views on the Bitcoin ETF and its state. Pantera Capital is a hedge fund company in the blockchain and cryptocurrency space. Morehead remarked that the Bitcoin ETF has been a much-delayed process of about 5 years and is being handled with caution by the U.S. regulatory system.
This makes the launch of an ETN for the U.S. investors a big deal. While an ETF is a fund investment tracking an asset, such as stocks, an ETN is similar to a bond that is issued as an unsecured debt note by an institution. One can hold an ETN to maturity, or buy and sell it, according to their will.
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