Cryptocurrencies are finding ways to play a role in the legitimate economy.
An exchange-traded note (ETN) based on Bitcoin listed on the Stockholm Stock Exchange is attracting the attention of US investors, according to a Bloomberg report dated August 15.
While the US waits for its regulators to approve a Bitcoin exchange-traded fund (ETF), this so-called soft alternative on the Swedish exchange is quoted in US dollars under the CXBTF ticker symbol.
The product, nicknamed Bitcoin Tracker One, is still technically listed and marketed in Sweden, but many consider this last move a way to make it attractive to US investors.
CoinShares CEO Ryan Radloff said, “Anyone investing in dollars can now consider these products, whereas previously they were only available in euros or Swedish kroner. Given the current regulatory climate in the United States, this is a great victory for Bitcoin.”
Bitcoin Tracker One trading is now “similar to buying an American deposit receipt,” says Radloff, “as traders will see a foreign asset in US dollars.”
Investors buy so-called F shares, which means the ETN trades are executed in dollars—while settlement, clearing and custody occur in the Swedish market.