Deutsche Boerse released three new cryptocurrency exchange-traded notes (ETNs) of asset manager VanEck listed on the German stock exchange.
It concerns investment products from solana (SOL), polkadot (DOT) and tron (TRX). Trading in the three investment products starts today on the Frankfurt Stock Exchange and Xetra, the digital exchange of Deutsche Boerse.
VanEck has now listed three new ETNs on the digital assets #Solana, #TRON and #Polkadot on @Xetra Deutsche Börse. With this step, we expand our pioneering role for innovative and future-oriented investment solutions. Learn more in our press room: https://t.co/9YnmWw7WFh pic.twitter.com/YaFNWtQ3f9
– VanEck Europe (@vaneck_eu) September 20, 2021
An ETN is not the same as a exchange-traded fund (ETF), or publicly traded fund. An ETN is more like a debt instrument similar to bonds. ETNs are usually not physically backed by the underlying asset, but instead track price movements through calculations. They are both investment products that give investors access to the underlying assets without having to own them.
Plans for an exchange-traded product (ETP), a more general term, were made for tron three years ago, reports VanEck director Gabor Gurbacs:
3 years ago we hung out in Hong Kong and discussed what it would take to launch a Tron ETP. After a lot of hard work, today a Tron ETP became a reality. We are relentless entrepreneurs that make things happen. I am excited about this partnership! @justinsuntron @Tronfoundation pic.twitter.com/tNRgmH476W
— Gabor Gurbacs (@gaborgurbacs) September 20, 2021
Yet tron’s is perhaps the most unexpected. Solana recently stormed into the top 10 largest crypto and polkadot did just that last year. In the meantime, however, tron dropped all the way down to 26th place. That may have had to do with accusations of centralization and the suspicious practices of founder Justin Sun.
VanEck already has ETNs from bitcoin (BTC) on ethereum (ETH) are on Deutsche Boerse. In the US, they are still awaiting the approval of such a product for bitcoin by the Securities and Exchange Commission (SEC).
Today Crypto Insiders reported that Bloomberg analyst Mike McGlone expects the SEC to approve a BTC ETF next month, albeit probably a bitcoin futures ETF. A bitcoin futures ETN from Eurex happened to be listed on Deutsche Boerse just last week.
Trusted path to #crypto: today, we launched #Bitcoin ETN #Futures. As the first step in our portfolio of #CryptoDerivatives, the offering is the first regulated market in Bitcoin-related #derivatives in Europe. Get all information and the factsheet here: https://t.co/bk55yqFssN pic.twitter.com/ADpzOCqTnm
— Eurex (@EurexGroup) September 13, 2021
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