The exchange-traded product (ETP) is physically backed by Bitcoin and is a cost-effective way for investors to gain exposure to Bitcoin with a total expense ratio of 0.95%. The ETP is issued by Iconic Holdings subsidiary Iconic Funds BTC ETN. The Bitcoin ETP aims to remove technical complications of investing in and holding Bitcoin for investors.
Each Bitcoin-collateralised Note of the ETP represents a claim on a specified amount of Bitcoin. According to an Iconic Fund representative, the company aims to drive the adoption of crypto assets by creating trustworthy investment vehicles for investors to gain exposure to the evolving asset class.
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