Sweden’s Nasdaq exchange has approved a bitcoin-based exchange traded note (ETN), opening up investment in the digital currency to those who do not want to directly purchase and hold bitcoins.
The Bitcoin Tracker One, launched by Stockholm-based XBT Provider AB, which is owned by the KnC Group and is expected to launch on 18th May.
In a statement, Alexander Marsh, chief executive officer of XBT Provider AB, said:
“By enabling this easy and secure way to invest in bitcoin we hope to have eliminated the boundaries that earlier prevented individuals and companies from being able to actively invest in what we believe to be the future of money.”
A spokesperson for Nasdaq confirmed that XBT Provider AB had been approved as a certificate issuer and that its product was the first bitcoin-based item to be listed on the Swedish exchange.
How it works
According to XBT Provider AB’s website, the bitcoin ETN is traded in the same way as all other listed instruments on the Nasdaq exchange.
In order to invest, users must have an account obtained through their bank, advisor or online broker.
XTB Provider AB will hedge all sales of the bitcoin traded note by buying an