Saxo Bank Adds Ethereum Exchange Traded Notes

Announcements | October 13, 2017 By:

Saxo Bank, a Denmark-based multi-asset and trading institution, is adding XBT Provider‘s Ethereum Exchange Traded Notes (ETNs) to its asset list. The ether ETNs were listed on Nasdaq OMX Stockholm stock exchange earlier this week.

This year, Saxo Bank added exchange-traded notes for bitcoin. One note is referred to as “Bitcoin Tracker One” and is traded in Swedish Krona, and the other note is the “Bitcoin Tracker Euro,” traded in its namesake currency. Both ETNs are also issued by XBT Provider.

The two new ether ETNs, COINETH and COINETHE, are denominated in Swedish Krona and Euro, respectively. In similar fashion to bitcoin ETNs, the ether ETNs are structured to track the price of ether as determined by an index rate comprising the daily average of the three most-liquid of a select group of exchanges.

The four ETNs are traded without leverage and are available on Saxo Bank’s multi-asset trading platforms, SaxoTraderGO and SaxoTrader.

Saxo Bank Markets Head Claus Nielsen said they have increasing client demand for exposure to cryptocurrencies and they are very pleased that they can now offer clients exposure to both bitcoin and ethereum through ETNs.

“Cryptocurrency markets are still at an early development stage and we find that listed products like ETNs without leverage, offering high levels of transparency, are good ways to include cryptocurrencies in our multi-asset product offering spanning more than 35,000 instruments,” said Nielsen. “We continue to follow the developments in cryptocurrency markets and expect to able to add more instruments to our offering going forward.”