As the SEC discusses the potential approval of VanEck’s Bitcoin and Ethereum exchange-traded funds (ETFs), the company is moving forward with two exchange-traded products abroad.
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According to The Block, VanEck’s Bitcoin and Ethereum ETNs will be listed on the Euronext exchange in the Netherlands and France (ETN). Martijn Rozemuller, CEO of VanEck Europe, said in a press release, “Bitcoin and Ethereum have established themselves as the two largest cryptocurrencies in the market. “Due to their low correlation with other asset classes, they present an interesting opportunity to diversify.”
The product expansion comes months after the launch of a bond (ETN) traded on Germany’s Deutsche Börse Xetra in November. The company is seeking to become the first US firm to issue an SEC-approved Bitcoin ETF since 2019. VanEck also filed with the SEC earlier this month for an Ethereum ETF after the Bitcoin ETF.
What is ETN?
Exchange-traded bonds (ETNs), according to the definition in Investopedia, are types of unsecured debt securities that track a basic securities index and trade on a major stock exchange such as a stock. ETNs are similar to bonds but do not have interest payments. Instead, the prices of ETNs fluctuate like stocks.
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