European Bitcoin ETP Crosses $100 Million in AUM

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In Brief
  • The European BTCE Bitcoin ETP has crossed $100 million in AUM.

  • Crypto ETPs remain popular on the continent.

  • A wave of institutional investors are flocking to Bitcoin.

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Barely four months after listing on the Deutsche Börse, BTCE has become the first Bitcoin exchange-traded product (ETP) to reach $100 million in assets under management (AUM).

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Bitcoin is currently on a bullish advance that has propelled its year-to-date (YTD) returns to almost 120%. Institutional interest in the largest crypto by market capitalization is also picking up with several crypto investment products reaching higher valuations.

ETC’s Bitcoin ETP Clears $100 Million

According to ETF Stream, the ETC Group’s Bitcoin ETP, launched in June, now boasts a $100 million in AUM. For ETC Group CEO Bradley Duke, the milestone achievement underscores the growing confidence of investors in crypto ETPs.

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With the U.S. Securities and Exchange Commission (SEC) yet to greenlight a Bitcoin exchange-traded fund (ETF), ETPs have become popular in Europe. Major stock exchanges in Austria, Germany, and Switzerland now list a host of Bitcoin ETPs.

Indeed, many of these Bitcoin ETP offerings are available across multiple bourses in different countries. This framework allows for easy passporting of the Bitcoin ETPs across regulated markets for both retail and institutional buyers.

While European regulators appear welcoming of crypto ETPs, the situation is different in the UK. As previously reported by BeInCrypto, UK regulators outlawed the sale of crypto derivatives to retail consumers back in October.

Institutional Bitcoin Investment Ramps up as Price Climb Continues

BTCE crossing the $100 million AUM mark is the latest indication of a growing institutional appetite for Bitcoin and cryptocurrencies in general.

Grayscale Investments has already seen its AUM surpass the $9 billion mark. The company’s Bitcoin Trust constitutes the largest portion of the total AUM with a $7.6 billion valuation.

Such is the extent of the growing institutional Bitcoin interest that public companies like MicroStrategy and Square are holding BTC as treasury reserve assets.

Some argue that these big-money players now espouse the same beliefs as staunch BTC proponents: that bitcoin is a store of value and a hedge against uncertainties in the mainstream market.

Back in October, Grayscale published a survey that showed 55% of US investors were interested in BTC. Wall Street Bank JP Morgan says Bitcoin will capture smart money inflows from the gold market which could cause a 10-fold BTC price increase.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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