There is a new hope in the introduction of a Bitcoin ETN, which should work just like a Bitcoin ETF. By postponing the decision on the approval of the Bitcoin VanEck ETF, the crypto market showed a clear setback.
Two days ago, Bitcoin Tracker One was launched, offering US investors a new opportunity to invest in Bitcoin. Bitcoin Tracker One is an Exchange-Traded Note (ETN) that works much like an Exchange-Traded Fund (ETF).
The ETN was already available to investors in Sweden since 2015 and could be traded for Swedish kroner. On 15thAugust, 2018 this ETN was introduced with US dollars under the ticket CXBTF.
The parent company of Bitcoin Tracker One is CoinShares Holdings Ltd., whose CEO Ryan Radloff highlights the benefits of the ETN to US investors:
Anyone who invests in dollars can now gain access to these products, whereas previously they were only available in euros or Swedish kroner. Given the current climate on the US regulatory front, this is a big win for Bitcoin.
While ETF is a fund investment that observes an asset such as equities, an ETN resembles a bond issued by an institution as unsecured debt. An ETN can be held, bought or sold by investors similar to cryptocurrencies.
This headline is considered as a major achievement in the US as the long-awaited approval of a Bitcoin ETF was last rejected and postponed. The application of the Winklevoss twins was approved by the SEC and the decision on the Bitcoin vaneck / SolidX ETF was postponed.
However, a Bitcoin ETN within the crypto market gives no guarantee that prices will skyrocket now or in the near future. It’s another way to invest in Bitcoin, which is now available to American investors.
The share price of Bitcoin has increased by + 2.22 per cent to a price of € 5,727.35 within the last 24 hours. Bitcoin dominance is 52.49 percent.