Investment management firm Invesco confirms the launch of a new physical backed bitcoin ETP. Of course, this tracks CoinShares Bitcoin Hourly Reference Rate index.
Also, The holder for the assets is Zodia Custody, a firm with the U.K.’s FCA registration.
Furthermore, the American investment management company Invesco Physical Bitcoin ETP has a static 0.99% annual fee.
More so, it will receive the sponsorship of CoinShares, one of Europe’s largest digital asset firms, and also act as the execution agent.
Notably, In The U.K, This is one of the earliest BTC ETPs and a huge milestone as the country’s officials are hesitant about the crypto market.
Furthermore, Invesco also launches this product as an Exchange-traded Note (ETN) on the digital stock exchange Xetra. Of course, this operation is by German stock market operator Deutsche Boerse.
Additionally, ETNs are a type of ETP, and this product trades under the symbol of BTIC, following the CoinShares Bitcoin Hourly Reference Rate index.
Lastly, Invesco Head of ETFs and Indexed Strategies Gary Buxton talks about the draw of physical bitcoin backing,
“Physical bitcoin is a more observable marketplace…”
“One of our concerns was the depth of synthetic liquidity as well as what that may do…”
“to valuations over time, and that is something we were not wholly comfortable with.”
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