VanEck Europe Launches A Bitcoin-Backed ETN Listed On Deutsche Börse
- Founded in 1955, VanEck is among the world’s largest investment management firms. Its European branch, VanEck Europe, announced today the official release of an ETN, physically-backed by Bitcoin.
- The statement came from the company’s digital asset director – Gabor Gurbacs. He noted that releasing such a service has been a “top priority for VanEck.”
- The ETN will be listed on the Frankfurt-based exchange Xetra. Its price performance will reflect the MVIS CryptoCompare Bitcoin VWAP Close index, directly linked to Bitcoin’s movements.
- This became possible after MV Index Solutions officially granted access to VanEck Europe to use MVBTCV as an underlying index for the Bitcoin ETN.
- Apart from being fully collateralized, Gurbacs revealed several other features that will attract investors. Those include “negligible premium/discount to NAV, transparent holdings and prices, investor protections, and professional management by VanEch Europe.”
- Gurbacs also asserted that VanEck is “committed to support Bitcoin and financial innovation.”
4) VanEck is committed to support #Bitcoin and financial innovation. We are thankful to partners, clients, regulators, financial services industry participants and Bitcoiners for the work and support in making Bitcoin more institutionally accessible. Thank you and well done all!
— Gabor Gurbacs (@gaborgurbacs) November 25, 2020
- Martijn Rozenmuller, Head of Europe at VanEck, outlined that Bitcoin is an “excellent way to contribute to the diversification of a portfolio” because of its low correlation to other asset classes. He added that with the release of the Bitcoin ETN, VanEck will enable its clients to “benefit from the performance of bitcoin.”
