CoinShares, an offshoot of the XBT Providers platform, revealed the launch of two ETNs which offer investors exposure to the price of ether, the native currency used in transactions on the Ethereum platform.
It follows the increasing interest in ETFs tracking assets such as bitcoin, another cryptocurrency.
Ether Tracker One (COINETH) and Ether Tracker Euro (COINETHE) list on the Nasdaq exchange in Stockholm.
“The listing of these two ether ETNs is a major win for European investors who have been requesting these products for over a year nowm” Laurent Kssis, MD of XBT Provider by CoinShares, said.
“As of today, if investors want hassle-free exposure to the price movements of ether, they simply call their broker or trade on their normal brokerage platform – that’s truly remarkable.
“We are thrilled to be able to deliver on investor demand via a safe, familiar route in Nasdaq.”
CoinShares is the only European exchange to offer investors exposure to two leading crypto currencies, bitcoin and ether.
The company has set its sights on becoming as familiar a brand as iShares and boasted an opening AUM of more than $300m when it launched in early October.
Ryan Radloff, a co-principal at CoinShares, said the launch of the ETNs was a “historical moment” for the asset class
“It was a little over two years ago that the bitcoin ETNs began trading – offering investors exposure to bitcoin via an established exchange for the first time. Today, we are able to bring ether to the market and mark another major first,” he said.
The ethereum platform uses blockchain technology and ether is the cryptocurrency used to ‘fuel’ all transactions.
CoinShare’s ETNs will track price changes in the value of ether which Kssis claimed had increased to 270 times its original value since its inception in 2015, from $1 to $338.