Iconic Digital has expanded its offering of crypto-based ETPs with the launch of a physically backed Ethereum ETP.
The Iconic Physical Ethereum ETP tracks the spot price of Ethereum. The ETP is 100 per cent collateralised by coins held in an institutional-grade custody solution with Coinbase Custody. Iconic writes that Coinbase Custody offers the most trusted cold storage custody solution for institutions. State Street Bank will also serve as the Ethereum ETP administrator.
The ETP enables European investors to access Ethereum in an industry-leading cost-effective manner. The Iconic Physical Ethereum ETP will list on the Regulated Market of the Frankfurt Stock Exchange, Xetra, in the coming days. It will be available to European investors with a total annual expense ratio of 0.95 per cent and will trade under the Bloomberg ticker symbol IETH GY with an ISIN of DE000A3GTML1.
Michael Geister, Head of Crypto ETPs at Iconic, says: “Our Crypto ETPs are designed to meet the highest institutional-grade standards in terms of security, trust and cost efficiency. Through our products, European investors can access crypto assets in a familiar manner by investing through trusted investment vehicles at industry-leading costs.”
Iconic Funds has issued and listed a physically backed Bitcoin ETP, XBTI, earlier this year on multiple European exchanges (ISIN: DE000A3GK2N1). The firm notes the Iconic Physical Ethereum ETP is just the beginning of its intention to issue further ETPs physically backed by crypto assets.
Patrick Lowry, CEO of Iconic Funds, says: “Crypto is still in the early innings of adoption. Iconic’s vision is to be investors’ trusted partner for accessing the crypto market through our traditional investment vehicles. We look forward to issuing additional, highly innovative crypto ETPs in the near future, as well as partnering with incumbent financial institutions for white-labeled crypto ETP products.”
Time Rice, CEO of Coin Metrics, says: “Coin Metrics is happy to support Iconic’s mission to drive cryptoasset adoption. It is exciting to see the diversity of investment products coming to market, and Iconic’s newest ETP will provide even more access to more people.”