The German asset management DWS (DWS) is providing exchange-traded commodities (ETCs) with exposure to ether (ETH) and bitcoin (BTC).The ETCs were created in collaboration with digital asset financial services company Galaxy Digital (GLXY), and bear the Xtrackers trademark of the Frankfurt-based company.According to a DWS announcement, they were listed on the Deutsche Boerse on Thursday.
The Xtrackers Galaxy Physical Ethereum ETC and Xtrackers Galaxy Physical Bitcoin ETC products, which have a 0.35% cost, follow the performance of the two biggest cryptocurrencies by market value.That is less expensive than competitors like the Amsterdam-listed Jacobi FT Wilshire Bitcoin ETF (BCOIN) with 1.5% and the Switzerland- and Germany-listed 21Shares Bitcoin ETP (ABTC), which charges 1.49%.
Although spot cryptocurrency exchange-traded products (ETPs) have been available in Europe for a while—CoinShares’ Physical Bitcoin ETP, for instance, was listed in 2021, and Zurich-based 21Shares claims to have introduced the first physically backed ETP in 2018—they have gained more attention since the U.S. Securities and Exchange Commission approved a number of ETFs for the largest economy in the world in January.According to BitMEX Research, the U.S. funds have drawn a net influx of over $12 billion in less than three months.
In order to create exchange-traded products (ETPs) for European listing, DWS and Galaxy Digital teamed together a year ago. DWS is a financial advisory firm with 896 billion euros ($970 billion) under management.During a conference appearance last month, Leon Marshall, the CEO of Galaxy’s European operations, stated that similar items would be available soon.