DGAP-News Cryptology Portfolio Company Iconic Funds Receives Approval to Issue and Publicly Offer a Physically Backed Bitcoin ETP in Germany
DGAP-News: Cryptology Asset Group PLC / Key word(s): Statement/Product Launch
Cryptology Asset Group p.l.c. ("Cryptology")
Cryptology Portfolio Company Iconic Funds Receives Approval to Issue and Publicly Offer a Physically Backed Bitcoin ETP in Germany
The approved exchange traded product is applying to list on Deutsche Börse's Xetra with an expected listing the week of April 26th.
Malta, 20.04.2021. Cryptology Asset Group (ISIN: MT0001770107; Ticker: CAP, formerly 4UD), a leading European investment company for blockchain- and crypto-related business models, is pleased to announce that its portfolio company, Iconic Funds, has received approval in Germany to issue a physically backed Bitcoin ETP. The issuing entity of the Bitcoin ETP is Iconic Funds BTC ETN GmbH, a wholly owned subsidiary of Iconic Funds GmbH (Collectively branded to as "Iconic Funds").
Iconic Funds is global crypto asset management group headquartered in Frankfurt with teams in New York, Singapore and Dubai. Iconic Funds is perpetually at the forefront of crypto asset adoption, investing in the crypto space since 2017 and having issued one of the EU's first fully licensed crypto asset index funds in early 2020. By issuing a physically backed Bitcoin ETP - and one of the most cost effective of its kind - Iconic further cements itself as one of the most innovative asset management groups in the world.
Structured as a traditional ETP in the same manner as Xetra Gold, the recently approved Bitcoin ETP aims to remove the technical complications of investing in and holding Bitcoin for investors in an industry-leading cost-effective manner. Each fully Bitcoin-collateralized Note of the ETP represents a claim on a specified amount of Bitcoin, less applicable fees, and will trade under the ticker symbol XBTI with an ISIN of DE000A3GK2N1.