German startup Iconic has filed for regulated trading of a Bitcoin exchange-traded note (ETN), which could become available as soon as the beginning of December 2019.
Iconic stated that it will issue an ETN which will offer investors exposure to the seminal cryptocurrency on a regulated marketplace. The ETN should also be issued its own International Securities Identification Number according to reports in German newspaper Handelsblatt.
The newspaper also stated that, while Iconic is based in Frankfurt, the ETN will be regulated by Luxembourg’s financial watchdog, the Luxembourg Financial Supervisory Authority.
Financial Institutions and large investors have been clamoring for a seamless way to invest into Bitcoin and other crypto assets for many years and, thus far, they have not had an institutional-grade product through which to do so, said Patrick Lowry, CEO and Managing Partner of Iconic.
While the SEC continually rejects Bitcoin ETP proposals in the U.S., Iconic has developed such investment product in Europe and are excited to offer the first on regulated markets such as the LuxSE and FSE. We look forward to expanding our portfolio of structured products for crypto assets in the near future and have many new issuances planned on the horizon for leading crypto assets.
If accepted this could be a game-changer keep December in the diary and maybe could lead the way for an ETF to be accepted.
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