Under the ticker CXBTF, Bitcoin Tracker One (SEK) will now be quoted in the United States with US dollars. Unlike a regular ETF, it will act as an open-end unsecured debt note. The regulators of the United States have been cautious about releasing an actual Bitcoin ETF largely due to the concerns about liquidity and manipulation. Now, the release of the Bitcoin ETN shall act as a soft opening towards the eventual approval of the Bitcoin ETF.
Bitcoin Tracker One
Released in 2015, in Sweden’s capital of Stockholm, Bitcoin Tracker One was the first bitcoin-based security on the NASDAQ/OMX regulated exchange. These securities trade like any other instrument on the NASDAQ exchange located in Sweden, Europe, and the United States. The tracker synthetically tracks the performance of BTC on the market for no fee, providing exposure through the non-equity linked certificate securities.
In 2018, Bitcoin Tracker One sank by 51% following the wide-scale collapse of many major cryptocurrencies’ prices. Although, it has managed to stay afloat and avoid total price collapse, given the current bearish market.
Ryan Radloff from the parent company of the ETN, CoinShares Holdings noted that this is a huge step towards accessibility for Bitcoin. The release of the ETN has resulted in a large flow of investments from United States traders who have anticipated the release for several months.
22/ When institutions gain more access, they in turn create more access points for retail investors who are uncomfortable leaving their traditional financial surroundings or have capital “locked up” in the legacy financial system.— Ryan Radloff ??? (@RyanRadloff) August 17, 2018