Swedish crypto asset manager Virtune becomes the first entity to launch an ETP on Xetra that tracks the Coinbase 50 Europe Index, providing exposure for up to 50 crypto assets.
According to a press release sent to crypto.news, Virtune’s latest ETP is now trading on Deutsche Börse Xetra, one of the most prominent trading venues in the European market. Traders can access the product on Xetra marked under the ticker VRTC and VCOIN50 on Bloomberg. The exchange-traded product is 100% physically backed and offers traders exposure to 21 crypto assets upon launch, becoming the first ETP to track the Coinbase 50 Europe Index.
In due time, Virtune plans to expand the product’s asset list to include all 50 crypto assets available in the COIN50. However, that outcome is still subject to regulatory and stock exchange approval.
The ETP is designed to provide exposure to up to 50 leading crypto assets, including Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL) and many more. The product is also rebalanced on a quarterly basis and features a transparent structure with institutional-level solutions.
The crypto exchange that developed the index, Coinbase, will act as the official custodian for the ETP. Meanwhile, European index provider MarketVector is the chosen administrator for the COIN50E index.
Virtune CEO Christopher Kock believes the COIN50 index bears the potential to one day become the crypto space equivalent to the renowned S&P 500 index, which is currently the leading index for publicly traded companies in the U.S.
“This ETP offers both institutional and retail investors in Europe broad exposure to the crypto market, built by industry experts with deep knowledge and experience,” said Kock.
Head of Coinbase Institutional Brett Tejpaul views the launch of VCOIN50 on Xetra as a major step forward in the crypto exchange’s mission to expand global access to digital assets and provide institutional-grade tools for traders around the world.
“The introduction of this ETP reinforces our commitment to bridging traditional financial infrastructure with the growing demand for regulated, secure exposure to the digital economy,” said Tejpaul in his statement.
Last February, Virtune launched two new crypto ETPs on the Nasdaq Helsinki Stock Exchange. The listings consisted of Virtune’s Avalanche (AVAX) ETP and Virtune’s Staked Cardano (ADA) ETP. Earlier this year, Virtune mass listed five different crypto-backed ETPs, making them the first batch of crypto ETPs listed in Finland.