Asset manager WisdomTree Investments has listed its bitcoin exchange-traded product (ETP) on Deutsche Boerse’s Xetra market, based in Frankfurt.
The firm said Wednesday the WisdomTree Bitcoin ETP tracks the spot price of bitcoin has a total expense ratio of 0.95%, and is trading under the ticker “WBIT.”
WisdomTree said the product will give investors access to bitcoin without having to hold the crypto directly, store private access keys or interact with the digital currency infrastructure in any way. In March, WisdomTree said it had taken on Coinbase as its second custodian for the WisdomTree Bitcoin ETP.
“The Xetra listing, along with the recent appointment of Coinbase Custody as our second custodian, will appeal to a wide range of professional investors and really demonstrates our commitment to delivering a superior investment experience to those allocating to our bitcoin ETP,” said Jason Guthrie, WisdomTree European head of capital markets and digital assets.
The listing comes against the backdrop of a looming decision by the Securities and Exchange Commission (SEC) over whether to approve the first bitcoin exchange-traded fund (ETF) for U.S. investors.
On April 9, the SEC officially started its review of WisdomTree’s bitcoin ETF application.
So far, the SEC has blocked all attempts at launching such a vehicle, rejecting over a dozen applications in past years.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.