Bitcoin ETN Listed on Nasdaq now Aimed at Investors
According to reports on the 15th of August, A BTC ETN on the Stockholm exchange is focusing investors within the United States. For anyone following the news lately, the much desired Bitcoin ETF approval by the United States SEC is still ongoing and a “lighter” alternative, for now, it has been traded for over three years.
The Bitcoin Tracker One (BTO) is still supported and being traded in Sweden although many believe that the most recent move is to pave the path for investors in the US. Ryan Radloff, Coinshares CEO said that anyone that trades using USD can now access these products as opposed to before when know the Krona or euros could be utilized. This is also a major step forward for BTC.
Furthermore, BTO is akin to purchasing a US deposit receipt and traders will be able to view a foreign currency that has been listed on the exchange in USD. This occurs through acquiring F shares and means that exchange-traded notes are processed in USD although any settlements and custodial acts occur within Sweden’s market. An ETN varies from an ETF in that it is a tool for debt supported by an issuance entity, such as a bank as opposed to a direct connection to the asset.
Additionally, an ETN could see more interest from investors instead of the Bitcoin Investment Trust by Grayscale which is another means of investing passively through their tool and is present for individuals that aren’t looking to hold onto the asset or store it themselves. According to reports, elite Bitcoin exchange-traded funds have gathered significant attention over the last period as many investors are anxiously waiting for the SEC to approve or reject them. If the financial watchdog does indeed approve the proposals, several different expectations of their effect on crypto are held by investors.
Reliable advocates of BTC, Andreas, and others, including Nick Szabo, have voiced their doubts towards ETFs, with Szabo stating that funds managed by Wall Street may only bring even bigger complications.