Investment management firm VanEck has finally launched a Bitcoin-backed exchange-traded product (ETP). The investment company opted for the ETP after failing to secure approval for its exchange-traded fund (ETF) from the US Securities and Exchange Commission (SEC).
On the 25th of November, VanEck digital asset strategist Gabor Gurbacs details on the newly-launched product, stating that the ETP is listed on the Deutsche Borse Xetra in Germany. Instead of an ETF, the new product is an exchange-traded note (ETN). An ETN is a debt instrument that tracks a financial asset in the market, in this case – Bitcoin.
VanEck’s mentioned“Thanks to our early market entry, we can demonstrate established and secure processes and extensive expertise.”
VanEck’s product manager Dominik Poiger also commented on the Bitcoin ETN:
Image Credits: Pixabay
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