The product physically backed by bitcoin aims to give investors exposure to the digital currency by eliminating the technical aspect of investing and holding cryptocurrencies.  With the ETP, each fully bitcoin-collateralized note of the product stands for a claim on a specified amount of bitcoin. The product issued by Iconic Funds BTC ETN GmbH, attracts a total expense ratio of 0.95%.  Iconic Funds CEO Patrick Lowry explained the motivation behind the latest product. According to Lowry:

The product marks another step by Iconic Funds to drive cryptocurrency adoption, having ventured into space since 2017. In early 2020, the firm pioneered the issuance of Europe’s first fully licensed crypto-asset index funds.  Furthermore, with the listing taking place in Germany, both Xetra and the Iconic Funds are targeting international investors with the product.  [binance]