While everyone seems to be waiting on the SEC to approve a Bitcoin ETF, it seems that the news of newly traded ETN has flown under the radar and there is one very important fact that many seem to be overlooking. That is the fact that the ETN trading under the ticker CXBTF is backed by the purchase of actual Bitcoin. Coinshares states on their website: We buy the relevant amount of bitcoin and/or ether upon issuance of a new certificate which ensures that we are always 100% hedged and able to support the outstanding value of the product. This means that our assets (as well as liabilities to Certificate-holders) follow the price of bitcoin and ether. Additionally, the certificates are guaranteed by Global Advisors (Jersey) Limited.
Bitcoin Tracker One, Bitcoin Tracker Euro, Ether Tracker One and Ether Tracker Euro are traded in the same manner as any share or instrument listed on the Nasdaq exchange in Stockholm. To invest, you need an account, which is obtained through your bank, advisor or online broker. The product is listed on Nasdaq in Stockholm and is traded during normal opening hours
The ETN called Bitcoin Tracker One began trading on the Swedish exchange in 2015 and is now being traded in US dollars under the ticker CXBTF.
According to a Bloomberg report, CoinShares Holdings CEO Ryan Radloff stated: “Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona. Given the current climate on the regulatory front in the U.S., this is a big win for Bitcoin.”
Americans with investment accounts on brokerages such as Fidelity can now have exposure to Bitcoin. Actual bitcoin is purchased by Coinshares and they take care of custody and the retail investors don't have to worry about storing the currency.
Coinshares: https://xbtprovider.com/