Introduction of a Groundbreaking ETP
In a groundbreaking move for the European cryptocurrency market, Virtune, a Swedish asset management firm focusing on digital currencies, has successfully introduced an Exchange Traded Product (ETP) on the Xetra platform that mirrors the Coinbase 50 Europe Index. This launch marks the first instance of an ETP offering extensive exposure to a wide array of cryptocurrency assets, initially including 21 distinct digital currencies.
Details of the ETP
Available under the tickers VRTC on Xetra and VCOIN50 on Bloomberg, this new financial product is fully backed by the actual assets it represents. Traders can begin accessing this unique investment opportunity on one of Europe’s leading stock exchanges.
Virtune envisions expanding the range of assets in the ETP to encompass the complete list of 50 cryptocurrencies listed in the Coinbase 50 index, contingent upon receiving the necessary approvals from regulatory authorities and exchanges.
Assets Included in the Offering
Notable assets within this offering include major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), XRP, and Solana (SOL). Designed with transparency and institutional-grade functionality, the ETP will undergo quarterly rebalancing to stay aligned with market changes.
Custodian and Index Management
The Coinbase exchange, which developed the underlying index, will serve as the official custodian of the ETP, while the administration of the COIN50 index will be managed by MarketVector, a prominent European index provider.
Leadership Insights
“This ETP reflects our dedication to integrating traditional financial frameworks with the increasing demand for secure and regulated entry into the digital economy,” said Brett Tejpaul, Head of Coinbase Institutional.
Christopher Kock, CEO of Virtune, expressed his belief that the COIN50 index stands poised to become akin to the S&P 500 in the cryptocurrency sphere, providing robust market access for both institutional and retail investors in Europe. He emphasized that this product is crafted by experts with profound knowledge of the cryptocurrency market.
Previous Successes in the Market
This latest development follows Virtune’s earlier successes in the Finnish market, where they launched multiple cryptocurrency ETPs, including for Avalanche (AVAX) and Staked Cardano (ADA) earlier this year. With these offerings, Virtune became a trailblazer in Finland’s burgeoning market for crypto-backed ETPs.
