KEY POINTS

  • 21Shares said the listing demonstrates institutional and regulatory acceptance of cryptocurrencies as an emerging asset class
  • The company also has a short Bitcoin ETP
  • 21Shares recently crossed $100 million in assets under management

Switzerland-based 21Shares announced that the Vienna Stock Exchange Wiener Börse has admitted its bitcoin exchange-traded product (ETP). This makes it the third exchange globally to list a Bitcoin-related product.

After having its product admitted to the Deutsche Boerse Xetra in July 2020, 21Shares' Bitcoin ETP (ABTC) and Ethereum ETP (AETH) are now officially trading on the Vienna Stock Exchange beginning Sept. 1.

Now stock exchanges in three countries – Germany, Austria and Switzerland – have listed a bitcoin exchange-traded product.

According to 21Shares, the listing demonstrates institutional and regulatory acceptance of cryptocurrencies as an emerging asset class. "The two products ABTC and AETH are passported into Austria and authorized for distribution for both retail and institutional investors using a familiar and widely accepted financial structure," the company said in a statement. 21Shares listed the ETP in Switzerland first since it is the company’s home country. 

 Thomas Rainer, head of business development at the Wiener Börse, said the listing meant the Vienna Stock Exchange has expanded its selection of asset classes. "Experienced, local investors can now benefit from the stock market advantages in crypto trading: Monitored, regulated and transparent trading," he continued.

21Shares also has a short Bitcoin ETP meant to capitalize on the benchmark cryptocurrency's negative price movement. Managing Director Laurent Kssis said the company has lobbied carefully but vigorously to apply with the Deutsche Boerse its 21Shares Short Bitcoin ETP (SBTC). "This product obtains short exposure through borrowing bitcoin and simultaneously selling it on an execution platform," 21Shares noted on its website.

21Shares has 11 crypto exchange-traded products that track the price of cryptocurrencies like Bitcoin, Ethereum, Binance Coin and XRP. SBTC is its lone short Bitcoin ETP. The company also offers index-ETPs such as Crypto Basket Index, Bitcoin Suisse Index and Bitwise Select 10.

Formerly known as Amun, it was founded in 2018 and changed its name early this year. Last month, the company shared that it has crossed $100 million in assets under management (AUM) for the first time, as reported by The Block. Its CEO, Hany Rashwan, said it aims to achieve an AUM of $1 billion. By comparison, its rival Grayscale has AUM of $5.9 billion.

Bitcoin was created in 2008 Bitcoin was created in 2008 Photo: AFP / JACK GUEZ