Bitcoin Exchange Traded Notes (ETN) is here as a Swedish company CoinShares launches this product that offers millions of investors an opportunity to invest in the dollar to buy bitcoins without actually buying it.
Forget Bitcoin ETFs, Bitcoin ETNs are here
Bitcoin ETFs may not have the green light yet, but another option to buy Bitcoin has entered the market without actually having to buy it. This product is called Bitcoin Tracker One, issued by the Swedish company XBP provider, a subsidiary of Global Advisors Ltd. based in the United Kingdom
Bitcoin Tracker One has launched an exchange note (ETN) that tracks Bitcoin (BTC / U.S. DOLLAR). A non-US security, this Bitcoin ETN is available as a USD-traded F-share and traded on the Stockholm Nasdaq exchange, making it more accessible to retirement and brokerage accounts in the United States.
Under the CXBTF ticker, despite being listed and regulated in Sweden, US investors can now easily invest indirectly in Bitcoin.
Ryan Radloff, CEO of CoinShares Holdings Limited, the company issuing these ETNs, explained to Bloomberg the importance of this product,
"All those investing in dollars can now get exposure to these products, whereas previously they were only available in euro or Swedish crowns. "
In addition, read: Experts Shun Bitcoin ETF, This is Like Bitcoin (BTC) will conquer the world
A big win for bitcoin, mass investments coming?
He also added,
"Given the current regulatory climate in the United States, this is a great victory for Bitcoin."  Similar to the purchase of an American deposit slip, Bitcoin-Tracking One is basically a resource listed in US dollars. Investors can now purchase F shares, which means that transactions are executed in US dollars, but will be held, liquidated and settled only on the domestic market.
The market was extremely enthusiastic about ETFs that were repeatedly rejected by the SEC. Now, these ETNs are an opportunity for investors who unlike ETFs are debt instruments supported by their issuers, which is usually a bank.
This may be an alternative to bitcoin investment trusts available on the market such as Grayscale which is expensive and has lower liquidity. However, Radloff does not believe it as he comments,
"I see it as a competitive product.Our products are not historically traded as premiums and are liquid."
Not everyone is enthusiastic about this perspective as many believe it is much riskier than ETFs and try to understand how a Redditor shares,  "Has it been running for 2 years?"
To which someone replied,
"Exactly but now it is also listed on OTC markets."
Regarding the involvement of loyalty, one shared in part, "Fidelity acts only as a broker, as you said, the product is offered by Coinshares.It was offered in 2015. Fidelity has just started to offer it to its own customers. "
It has not yet been seen how these ETNs will affect Bitcoin and the market!