Boerse Stuttgart, Germany’s second-largest stock exchange, announced on Tuesday the listing of 21Shares-developed exchange-traded product (ETP) that tracks the inverse value of Bitcoin and can be traded against euro.
This is the second stock exchange this product has been listed as, last month, Swiss stock exchange
The inverse ETP allows traders to short on the prices of the underlying asset, meaning they can earn profits as the price of Bitcoin goes down. Moreover, the inverse ETP is reset at the end of each day, and the performance is not rolled over to the next day which makes it ideal to capture short term price movements of Bitcoin.
“This is a first in the bitcoin industry to list a financial instrument wrapped as an with an ISIN/WKN number and trading in EUR,” Hany Rashwan, CEO of 21Shares, said.
“Investors in Germany have demonstrated such strong support for prior crypto offerings. As an issuer of crypto products, it is important for us to listen, though with caution, to the requests of our investors and respond in kind by supporting the investor community who have a strong appetite in cryptocurrencies.”
Mainstreaming crypto investments
Formerly known as Amun, 21Shares is dominating the European stock exchanges with its crypto investment products. The company now manages 11 products that are tied to multiple digital assets, including Bitcoin, Etherum, and even .
Apart from 21Shares Short Bitcoin ETP, all other products of the company are long ETPs.
“Today’s announcement further stated that 21Shares’s PD3 Prospectus is approved by the Swedish Financial Supervisory Authority (SFSA) for the existing ETPs governed under Swiss law,” Laurent Kssis, managing director of 21Shares, added. “This is an important milestone for traditional investors and the crypto community alike as SBTC is effectively available to both retail and institutional clients in Germany and the rest of Europe.”
Be First to Comment