Boerse Stuttgart, the second-largest stock exchange in Germany, now supports the trading of a new bitcoin-related exchange-traded product (ETP) from 21Shares AG (formerly known as Amun AG), according to a Tuesday press release.
The tracker product dubbed Short Bitcoin ETP represents in value the inverse price of Bitcoin (BTC) in Euro. In other words, when the BTC price goes down, the ETP value goes up correspondingly, excluding a daily management fee.
21Shares Short Bitcoin ETP (ticker: SBTC) is said to be a natural extension to the unleveraged range of crypto ETPs in existence. Aside from being 1:1 with Bitcoin, it’s believed to offer a better way for investors to manage the changing dynamics of the digital currency markets, including volatility.
Investors now have a tool to securely capitalize on falling adverse price movements of the largest and most liquid digital currencies in the market.
The new product is being launched in response to investors in the country who thus far has demonstrated keen interest and support for prior crypto offerings, Hany Rashwan, the CEO of 21Shares, said. He added:
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.
21Shares also claimed that SBTC is the first-listed financial instrument wrapped as an ETP in the bitcoin industry, with an ISIN/WKN number, and also traded in Euro. The product, SBTC, is available for both the institutional and retail clients in the country and the rest of Europe.
Stock Exchanges Are Piloting Crypto Products
Interestingly, the new Short Bitcoin ETP on Boerse Stuttgart is not the first time such a product is going live, according to the report. The product is already traded on the SIX Swiss Exchange; albeit, the asset is traded against the US dollar (USD).
Recently, Boerse Stuttgart has been active in the cryptocurrency Industry. The stock exchange announced last week that its newly launched subsidiary, Blocknox will offer full custody services for cryptocurrencies and other digital assets.