比特币 (BTC)：德意志交易所 XETRA 上的新全球 ETP

昨天，ETC 集团宣布推出 BTC1，这是一个在德意志交易所 XETRA 上市的比特币 (BTC) 全球 ETP。

这是一款新的比特币 ETP，专为专注于基准的长期投资者而设计。

新的比特币 (BTC) ETP 在德意志交易所上市

ETC Group 核心比特币 ETP（股票代码 BTC1；ISIN DE000A4AER62）是一款交易所交易产品，专为长期买入并持有投资者以及具有广泛流动性和风险管理需求的全球机构投资者而设计。

ETC 集团过去已经推出了多个类似的工具，目前管理的资产管理规模超过 1.5 亿美元。

BTC1的总费用率（TER）为0.30%，因此在欧洲市场的成本效率方面具有竞争优势。以基准为中心，利用 CF Benchmarks 追踪机构级比特币价格基准，确保追踪 BTC 价格走势的准确性和可靠性。

这是一款全球现货产品，在一级市场提供大量流动性，从而填补了美国、欧洲和亚洲市场不同交易窗口期间的现货流动性。

它采用独特的 Tri-NAV 方法，为机构投资者提供了一个扩展的一级市场流动性窗口，涵盖不同市场的 BTC 现货流动性。

因此，除了经典的证券交易所开放时间外，发行人还提供了一天中的三种价格确定（而不是只有一种），以扩大其他时区一级市场的流动性。

这意味着机构投资者可以在全球一级市场比特币现货上比任何其他受监管工具更长时间地交易其持有的资产。

据 ETC Group 称，这使得 BTC1 成为全球首个比特币现货 ETP。

BTC1将在XETRA和许多其他平台上进行交易，并将添加到HANetf的泛欧洲ETP发行平台中。

ETC集团

ETC Group 位于德国，提供数字资产领域的高水平投资产品。

他们的交易所交易产品有实物支持，并充当传统受监管金融市场和加密货币市场之间的桥梁。到目前为止，他们已经发行了比特币、以太坊和其他重要加密货币的 ETP。

2020年6月，该公司推出了欧洲首个市场集中清算的比特币ETP，在德国发行，并始终在欧洲最大的ETF交易市场德国证券交易所XETRA上市。

BTC1 也是在德国发行，在 XETRA 上主要上市，100% 实物覆盖，并与标的资产完全可互换。

ETC Group 在 Zodia Custody 持有数字资产，Zodia Custody 是欧洲领先的机构级冷钱包托管提供商之一，具有银行级合规和治理框架。

The CEO of ETC Group, Tim Bevan, has stated:

“At ETC Group, we want to advance the cryptocurrency investment sector and the launch of BTC1 represents a unique proposal. With BTC1, we are introducing the first globally oriented Bitcoin ETP to the market, with extended liquidity and risk management features that our clients need. We are proud to be the first to launch another market and believe that BTC1 has the potential to uniquely serve institutional investors with the best features in the category.”

The Product Manager of ETC Group, Chanchal Samadder, added:

“BTC1 represents a significant milestone in the evolution of Bitcoin investment products. Designed with benchmark-conscious and long-term investors in mind, BTC1 offers a unique blend of cost efficiency, accuracy, and extended primary market liquidity, setting a new standard in the Bitcoin ETP market.”

The CEO of Zodia Custody, Julian Sawyer, commented saying:

“It’s one breakthrough after another with our innovative colleagues at ETC Group. BTC1, just launched, represents exactly what institutions have been looking for when increasing the adoption of digital assets, and we are doing our part to ensure they can do so with the highest security and compliance through bank-level custody. Together, we continue to be at the forefront of building a truly solid ecosystem for a mature digital asset sector”.

Deutsche Börse XETRA and the new ETP on Bitcoin (BTC)

Deutsche Börse is the company that operates the Frankfurt Stock Exchange, and XETRA is its fully electronic trading platform on which 90% of stock trades in Germany take place.

The Frankfurt Stock Exchange was actually founded in 1585, and XETRA is now one of the largest stock exchanges in the world and the third in Europe.

Deutsche Börse was created only in 1992, but in continuity with Frankfurter Wertpapierbörse, the company created just two years earlier to manage the Frankfurt Stock Exchange.

On the official XETRA website, in addition to all traditional investment products, there is now also a specific section dedicated to crypto ETNs.

Regarding BTC1, they state that this new ETN allows investors to obtain low-cost exposure to Bitcoin, and that it uses the institutional reference rate of the Bitcoin CF from CME (BRR) as the benchmark market for the spot price of BTC.

They also declare that BTC1 is physically guaranteed and admitted to the regulated market of the Frankfurt Stock Exchange.

Benchmark and liquidity

The benchmark and liquidity are important for this type of products, because liquidity on Bitcoin is fragmented across many exchanges, which complicates price determination for investors.

For this reason, they wanted to develop a more robust benchmark that aggregates this liquidity, and that uses the BRR index and its US and Asian variants BRRY and BRRAP.

BTC1 利用了该基准的所有三个区域变体，使机构投资者能够准确、安全地监控比特币的价格，最终在 14 小时内提供对三个流动性池的访问（与所有其他 ETF 和传统 8 小时窗口相比） ETP）。

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