DWS, a leading asset manager with more than $900 billion in assets under management, has bitcoin-and-ethereum/”>thrown out
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JUST IN: $932B Asset Manager DWS Launches Physical Version twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETC in Germany pic.twitter.com/e6RvMLidHY
– bitcoin Magazine (@BitcoinMagazine) twitter.com/BitcoinMagazine/status/1775906056868163774?ref_src=twsrc%5Etfw”>April 4, 2024
“Since the first bitcoin transaction in 2009, digital assets have gone from a niche technological innovation to a globally recognized asset class,” said Manfred Bauer, global head of the DWS products division and member of the DWS Group executive board. “With a combined market capitalization of over $1.7 trillion, bitcoin and ethereum alone are now too important for investors and asset managers to ignore.”
He Xtrackers Galaxy physical bitcoin etc. is now listed on Deutsche Börse, allowing investors to directly participate in the bitcoin market with the security and transparency of exchange-traded products. ETCs are physically backed by btc, ensuring investors have direct exposure to bitcoin price movements.
DWS stated that it has strategically partnered with Galaxy to promote bitcoin adoption in Europe, leveraging Galaxy's expertise in digital asset products and services. “We are delighted to work with Xtrackers to offer investors institutional-grade access to digital assets and support them with our deep digital asset expertise,” said Steve Kurz, Global Head of Asset Management at Galaxy.
State Street will act as issuing and paying agent and administrative agent for these ETCs, and MSCI will provide reference prices for bitcoin, according to the official announcement. ETCs are 1:1 physically backed and use cryptocurrency custodians Zodia Custody and Coinbase for secure storage in offline custodian accounts. ETCs will also have an annual product fee of 0.35%.
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