Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe
After dropping its plan to launch a Bitcoin futures ETF in the US while pursuing a physically-backed ETF, Invesco launched a physically-backed bitcoin exchange-traded product (ETP) in Europe.
The Invesco Physical Bitcoin ETP (BTIC), which tracks the CoinShares Bitcoin Hourly Reference Rate index, is listed on the Deutsche Boerse. The ETP has a fixed annual fee of 0.99%.
Invesco has chosen the UK-based digital asset manager Zodia Custody for the custody of Bitcoin. The Custodian is registered with the FCA as a crypto asset business under the UK Money Laundering Prevention Regulations. Zodia was incubated by SC Ventures, the innovation arm of Standard Chartered, with Northern Trust as its co-investor, which will also act as the administrator for BTIC.
“We have been working on the product since the middle of 2018,” Gary Buxton, head of EMEA ETFs and indexed strategies at Invesco, told ETF Stream.
“In the last two to three years, we have been trying to structure a product that looked, from an institutional point of view, as close as possible to a traditional ETF like our gold structure, and that has been the driver of BTIC’s timeline.”
Asset manager WisdomTree also launched a trio of crypto basket ETPs in Europe, which are listed on the Swiss stock exchange SIX and Frankfurt-based Börse Xetra.
These ETPs track proprietary indices developed by WisdomTree. One of the indexes is the WisdomTree Crypto Market (BLOC) — which provides exposure to the most established crypto assets such as BTC, ETH, BCH, and LTC, but caps Bitcoin and Ether’s combined allocation to 75% to void overexposure to the top two cryptos.
WisdomTree Crypto Mega Cap Equal Weight (MEGA) meanwhile focuses only on Bitcoin and Ether.
WisdomTree Crypto Altcoins (WALT) is another index that focuses on altcoins like Solana, Cardano, Polkadot, BCH, and Litecoin.
BTC -1.93% Bitcoin / USD BTCUSD $ 56,500.73
-$1,090.46-1.93% Volume 32.33 b Change -$1,090.46 Open $56,500.73 Circulating 18.89 m Market Cap 1.07 t 13 h Indian Finance Minister says No Plan to Recognize Bitcoin as a Currency, Meanwhile Indians Want Crypto Taxed but Not Legalized 13 h MicroStrategy Buys 7,002 BTC At An Average Price of About $59k for Over $414 Million 16 h Kimchi Premium & P2P Crypto Trading in South Korea Spikes, FSC Taxing NFTs & Banning NFT Games ETH 0.96% Ethereum / USD ETHUSD $ 4,401.97
$42.260.96% Volume 19.8 b Change $42.26 Open $4,401.97 Circulating 118.55 m Market Cap 521.84 b 16 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 17 h Brace For A Bear Market or Risk Seeking into Year-End? Bitcoin and Ether Recover from Weekend Sell-Off 5 d “Fear” in The Crypto Market And Bitcoin’s Correlation With S&P 500 Climbs to Highest Level of 2021 SOL -0.82% Solana / USD SOLUSD $ 202.71
-$1.66-0.82% Volume 2.04 b Change -$1.66 Open $202.71 Circulating 304.18 m Market Cap 61.66 b 16 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 6 d Investors Unfazed by Profit-taking as Another Week of Flows Bring YTD Crypto Inflows to $9.2B 1 w Allocate to Cryptocurrencies to “Beat Inflation” And For “Hypergrowth” in Portfolio, says Strategist ADA -2.05% Cardano / USD ADAUSD $ 1.56
-$0.03-2.05% Volume 1.81 b Change -$0.03 Open $1.56 Circulating 33.31 b Market Cap 52.03 b 16 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 6 d Investors Unfazed by Profit-taking as Another Week of Flows Bring YTD Crypto Inflows to $9.2B 1 w 13 Consecutive Week of Inflows Send Bitcoin AUM to A Record $56B and Ether’s Past $21B For The First Time DOT -1.81% Polkadot / USD DOTUSD $ 35.75
-$0.65-1.81% Volume 1.19 b Change -$0.65 Open $35.75 Circulating 987.58 m Market Cap 35.31 b 16 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 1 w DeFi Hub Acala Network Secures First Spot In Polkadot’s Parachain Auction 1 w “Ethereum Is The Clear Winner,” says ConsenSys CEO as MetaMask Users Grow 38x in Last Year BCH -0.56% Bitcoin Cash / USD BCHUSD $ 562.84
-$3.15-0.56% Volume 1.16 b Change -$3.15 Open $562.84 Circulating 18.91 m Market Cap 10.65 b 16 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 2 w “We’re Not Going to Talk About” SHIB Listing, says COO as Robinhood’s Crypto Wallet Waitlist Jumps to 1.6 Million 2 w Cryptocurrencies Are “Providing Another Means Of Payment,” for Criminals and Scammers: BoE Governor LTC 0.82% Litecoin / USD LTCUSD $ 201.94
$1.660.82% Volume 1.85 b Change $1.66 Open $201.94 Circulating 69.08 m Market Cap 13.95 b 16 h Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe 2 w $100 Trillion Market Showing Growing Interest in Digital Gold (Bitcoin) and Web 3.0 (Ethereum) 2 w “We’re Not Going to Talk About” SHIB Listing, says COO as Robinhood’s Crypto Wallet Waitlist Jumps to 1.6 Million
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