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Home»BITCOIN NEWS»$900B DWS Launches Physical Bitcoin ETC in Germany
BITCOIN NEWS

$900B DWS Launches Physical Bitcoin ETC in Germany

By Crypto FlexsApril 5, 20242 Mins Read
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0B DWS Launches Physical Bitcoin ETC in Germany
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DWS, a prominent asset manager with over $900 billion in assets under management, has teamed up with Galaxy Digital Holdings Ltd. to launch the new Xtrackers Exchange-Traded Commodities (ETC), giving investors convenient access to Bitcoin exposure in Germany. I made sure to do so.

JUST IN: $932 billion asset manager DWS launches physical product. #Bitcoin ETC in Germany 🇩🇪 pic.twitter.com/e6RvMLidHY

— Bitcoin Magazine (@BitcoinMagazine) April 4, 2024

“Since the first Bitcoin transaction in 2009, digital assets have evolved from a niche technological innovation to a globally recognized asset class,” said Manfred Bauer, Global Head of Products at DWS and Member of the Board of Directors of the DWS Group. “With a combined market capitalization of over $1.7 trillion, Bitcoin and Ethereum alone are now too important for investors and asset managers to ignore.”

Xtrackers Galaxy Physical Bitcoin ETC is now listed on Deutsche Börse, allowing investors to participate directly in the Bitcoin market with the security and transparency of an exchange-traded product. ETC is physically backed by BTC, giving investors direct exposure to Bitcoin price fluctuations.

DWS said it has formed a strategic partnership with Galaxy to drive Bitcoin adoption in Europe, leveraging Galaxy’s expertise in digital asset products and services. “We are excited to partner with Xtrackers to provide investors with institutional-level access to digital assets and support them with deep digital asset expertise,” said Steve Kurz, Global Head of Wealth Management at Galaxy.

State Street officially announced that MSCI will act as the issuing and paying agent and managing agent for these ETCs, providing reference prices for Bitcoin. ETC is physically backed 1:1 and stored securely in offline storage accounts utilizing cryptocurrency custodians Zodia Custody and Coinbase. ETC also boasts a product fee of 0.35% per year.

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