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A big win for Bitcoin despite ETF setback – Cryptolinenews

Investors in the US maybe tired of waiting on SEC’s decision on ETFs but yesterday it was announced they would get to enjoy something that is almost similar and this represents a big win for Bitcoin. XBT Provider a subsidiary of the UK company Global Advisors Limited will now offer Bitcoin ETN which is quoted in USD (ticker: CXBTF).

The Bitcoin ETN will trade on Nasdaq Stockholm which is based in Sweden. Even though this is not a US-security, its availability as an F share which is quoted in USD will make it more accessible to brokerage and retirement accounts in the U.S.

The CEO of CoinChares Holdings Limited, Ryan Radloff speaking to Bloomberg explains why this news is significant.

“Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona. Given the current climate on the regulatory front in the U.S., this is a big win for Bitcoin.”

CoinShares holds all the shares in XBT Provider the company that is issuing Bitcoin Tracker one.

Although this product may seem similar to Grayscale Bitcoin Investment Trust (ticker: GBTC), which also offers investors exposure to Bitcoin, GBTC has lower liquidity and its more expensive. Data from Seeking Alpha shows a single share of GBTC usually trades at over 50% of the price of the underlying asset.

On this Radloff says:

“I do see this as a competitive product. Our products historically have not traded at a premium and are liquid.”

Bitcoin bull Thomas Lee was excited by the news and took to Twitter to explain why this was such a big win for Bitcoin. He says the move would help traditional brokerage firms in the U.S.  to buy the CoinShares product and the returns would be “virtually identical to #Bitcoin.”

He adds that CoinShares buys Bitcoin with each issuance which makes this ETN function in the same way as an ETF despite the difference in structure.

How significant is this news to the price of Bitcoin? Share your thoughts in the comment section below.

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