While the long-awaited Bitcoin ETF is yet to become reality, American investors now have an alternative. According to reports, the Bitcoin Tracker One can now be traded in the US under the symbol CXBTF. The token has been listed on Nasdaq Stockholm since 2015. CEO of CoinShares Holdings Ryan Radloff said in an interview, “Given the current climate on the regulatory front in the U.S., this is a big win for Bitcoin.”
The BTC Tracker One will be declared as a tender for foreign debt to be used in the over-the-counter market in the States. This is the same kind of platform under which the Bitcoin Investment Trust of Grayscale Investments is listed.
The BTC Tracker One could definitely have some interesting prospects as well. GBTC and the closely related Ethereum Classic Investment Trust make regular transactions at a considerable premium to their net values. On the other hand, CXBTF is listed on an exchange (although not in the US), helping out in its liquidity and allowing trade at lower premiums.
This is indeed a competitive addition to the cryptocurrency market, but only if investors can manage to have the Bitcoin ETN listed on the platforms of their local brokerage account providers. According to several reporters, most providers either do not yet support the trade of CXBTF or require a longer and more complex procedure, like calling up representatives or making shares transactions over the phone.
Of course, several crypto investors are still hoping that regulators will finally approve a Bitcoin ETF, and with good reason. They believe that it will lead to an increased mass adoption of the token, and therefore also lead to a massive rise in value.
This new development will not yield the same results as a Bitcoin ETF would. However, it definitely is the first real competitor if GBTC in the USA. This means premiums on the GBTC might finally start lowering, and investors also now have more options regarding the ownership of Bitcoin in accounts with tax-advantages.