The second-largest stock exchange in Germany and the ninth-largest in Europe Börse Stuttgart has announced it launched a new exchange-traded product (ETPs) that tracks the inverse value of bitcoin (EXANTE: Bitcoin).
According to a press release, when the price of bitcoin goes down, the 21Shares Short Bitcoin ETP goes up correspondingly, minus a daily management fee.
21Shares CEO Hany Rashwan claims this is a first in the bitcoin industry to list a financial instrument wrapped as an ETP with an ISIN/WKN number and trading in EUR.
"As an issuer of crypto products, it is important for us to listen, though with caution, to the requests of our investors and respond in kind by supporting the investor community who have a strong appetite in cryptocurrencies," Rashwan said.
Previously backed by Börse Stuttgart, Nordic Growth Market (NGM) announced the launch of the first XRP and LTC tracking ETP to EU investors.
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