Boerse Stuttgart is the second-largest exchange in Germany. According to an official release, the venue has launched an unprecedented product in the cryptocurrency industry. The new tracker has a product value that represents the inverse performance of Bitcoin.
Boerse Stuttgart continues to expand its products associated with different cryptocurrencies. Per a recent release, the venue is taking a step forward, listing a new, supposedly unprecedented type of exchange-traded product (ETP).
SBTC, as the new Bitcoin ETP is ticked, is a tracker, the value of which represents the inverse performance of the underlying digital asset. In this case – it’s Bitcoin. In other words, when the price of Bitcoin declines, the SBTC is going to increase correspondingly, taking out only the daily management fee.
According to the release, the product will be fully hedged with the corresponding digital asset 1:1. Apparently, the product is already listed, as well as traded on the SIX Swiss Exchange in Zurich and it’s denominated in USD.
The product is also part of the 21Shares suite that previously introduced a basket of cryptocurrencies called HODL, including Bitcoin, Ethereum, XRP, Binance Coin, and Tezos. Speaking on the matter was Hany Rashwan, CEO at 21Shares, who noted:
This is a first in the bitcoin industry to list a financial instrument wrapped as an ETP with an ISIN/WKN number and trading in EUR. Investors in Germany have demonstrated such strong support for prior crypto offerings. As an issuer of crypto products, it is important for us to listen, though with caution, to the requests of our investors and respond in kind by supporting the investor community who have a strong appetite in cryptocurrencies.
As Cryptopotato reported earlier in 2019, the exchange had started offering Bitcoin trading back in September. It has added a few exchange-traded products already.
With the current expansion of its product suite, the exchange provides more options for traders to receive exposure to the prices of Bitcoin.