Eurex Listing ETC Group’s Bitcoin ETN Futures Product

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In Brief
  • Europe’s largest derivatives exchange Eurex will list the Bitcoin ETN Futures of crypto-backed asset provider ETC Group on September 13.

  • This listing is significant as it marks the first time futures contracts are available for investors on a crypto exchange-traded product (ETP) in Europe.

  • This listing is just the latest in similar activity from the crypto-backed asset provider.

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Europe’s largest derivatives exchange Eurex will list the Bitcoin ETN Futures of crypto-backed asset provider ETC Group on September 13.

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This listing is significant as it marks the first time futures contracts are available for investors on a crypto exchange-traded product (ETP) in Europe. 

Randolf Roth, Member of the Eurex Executive Board, remarked how the move would allow a greater number of market participants to trade and hedge Bitcoin. Roth explained this was because it would be treated in the same way as any other derivatives contract. 

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New market entrants will likely be drawn to familiar features such as central clearing, netting, and risk management. Additionally, Bitcoin ETN futures will be centrally cleared like other derivatives traded on Eurex. 

ETC Group’s BTCE

The Bitcoin ETN Futures is based on ETC Group’s BTCetc, the ETC Group Physical Bitcoin (BTCE). This launched on Deutsche Börse XETRA in June 2020. Since then, it has listed on multiple European exchanges, and has become the world’s most heavily traded crypto ETP. 

While the new futures contract will be traded in Euros, they will be physically delivered in BTCE. This means they are 100% backed by bitcoin and can be readily redeemed by any investor for the underlying bitcoin.

Bradley Duke, CEO of ETC Group, also highlighted the potential of settling the futures contracts through BTCE’s redemption mechanism. The Chief Executive then said that Eurex’s listing of the Bitcoin ETN futures, “firmly establishes BTCE as the benchmark Bitcoin ETP and go-to product for Bitcoin price discovery.”

ETC’s ETPs

This listing is just the latest in similar activity from the crypto-backed asset provider. Last week, ETC Group listed its entire portfolio of crypto exchange traded products (ETPs) on Austria’s national stock market. Assets in the portfolio include ETC Group’s Physical Bitcoin ETP (BTCE) and Physical Litecoin ETP (ELTC). These are Vienna’s first listings of a carbon-neutral crypto ETP, and Litecoin-based ETP, respectively. ETC Group is also listing its Ethereum ETP, ETC Group Physical Ethereum ETP (ZETH).

According to a recent study by ETC Group, cryptocurrency miners enjoyed a very robust spring. Similar to their offerings, the study analyzed the performance of Bitcoin, Ethereum and Litecoin. It also provided commentary and analysis on market and technical developments. The research showed that in April, the calculated ARR for fees paid to Bitcoin miners reached $2.986 billion. According to the ETC Group, this eclipsed the revenue of both Shopify ($2.922 billion) and Square ($2.982 billion).

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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