Bitcoin Tracker One - The Closest American Investors Can Come To An ETF In The US
As Bloomberg reports, beginning as of today, investors can trade in an exchange-traded-note (ETN) called "Bitcoin Tracker One".
It's technically listed and regulated in Sweden and started trading on the Stockholm exchange in 2015, it's now quoted in USD under the ticker CXBTF, helping brokerages offer it to American investors.
Speaking to Bloomberg, the issuer of the Bitcoin ETN, CoinShares CEO, Ryan Radloff, explained why this new exposure is important:
“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.”.
Radloff spoke of a similar product already on the US exchanges, known as Grayscale Bitcoin Investment Fund (GBTC) but sees his ETN as a better all-round investment:
"I do see this as a competitive product. Our products historically have not traded at a premium and are liquid.”
The Greyscale Bitcoin Investment Fund currently trades at a very large premium to its underlying value.
I am Lord @matthewwarn and I have Stackitis...but there are worse problems to have in life.
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Slowly but surely bitcoin is becoming more accessible to everyone which will hopefully lead to more adoption! Let's get out of this slump!
Gonna take some more time I'm afraid but this is a baby step in the right direction.
well adoption is coming i guess