The potential advent of cryptocurrency ETFs has undoubtedly been all the rage in cryptocurrency circles during these past few months. However, although Bitcoin ETFs have yet to materialize, American investors have now been given a soft opening of sorts to Bitcoin investing.

More specifically, this has been done through a Swedish Bitcoin ETN (exchange-traded note) dubbed Bitcoin Tracker One. The financial product has previously been trading on the Swedish Nasdaq Stockholm exchange since 2015.

Now, however, it has been quoted in US dollars, meaning that it will be easier for presumptive investors to purchase it. Furthermore, it is traded under the ticker ”CXBTF”.

It should be noted that this Bitcoin ETN is not the paradigm-shift investment vehicle that observers have been hailing as key to opening the institutional investor flood-gates, potentially facilitating a massive influx of institutional capital.

Rather, this Bitcoin ETN should be seen as a small step towards providing a more Bitcoin-friendly investment climate in the US.

Specifically, quoting Bitcoin Tracker One in US dollars means that such an investment vehicle becomes accessible to American investors, as well as international investors using the currency.

”Everyone that’s investing in dollars can now get exposure to these products, whereas before, they were only available in euros or Swedish krona”, Ryan Radloff is quoted as saying regarding the ETN.

Radloff is the CEO of UK-based CoinShares Holdings Ltd., which owns the firm which offers the Bitcoin ETN. The Swedish subsidiary to CoinShares Holdings, which actually issues the notes, is a company called XBT Provider AB.

For those US dollar-wielding investors interested in the trading specifics, purchasing Bitcoin Tracker One will now be akin to that of purchasing an American depositary receipt, meaning that investors will have a foreign-listed asset in US dollars.

This is primarily because the exchange-traded note is both listed and regulated in Sweden. In addition, OTC Markets Group states that although any trades will be executed in US dollars, the trades will be settled, cleared and held in custody in the notes’ home market.

Instead of acting like a common fund, ETNs are issuer-backed debt instruments. This will give American investors an alternative to the already existing Grayscale’s Bitcoin Investment Trust, which offers some exposure to Bitcoin.

However, unlike Grayscale’s financial product, Ryan Radloff has stated that Bitcoin Tracker One has historically not traded at a premium, and is a comparatively liquid asset – meaning it is ”a competitive product”, in Radloff’s own words.

Nonetheless, it will be left to the capital markets to judge whether Radloff is correct or not in this statement.

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