Traders Jumping Into Bitcoin Mania Add Record Funds to This Swedish ETNBy
Bitcoin exchange-traded note picks up 8.8 million euros
Note gives investors access to digital currency via brokers
An exchange-traded note that tracks bitcoin recorded its biggest inflow on record Thursday as traders rushed to join a rally that has added more than 50 percent to the cryptocurrency’s value this month.
Investors added 8.8 million euros ($10.4 million) to the Stockholm, Sweden-traded Bitcoin Tracker EUR ETN, boosting its total assets to 392 million euros, according to data tracked by Bloomberg. The inflow coincided with a surge in the world’s biggest digital currency past $16,000 for the first time.
The note was created two years ago to give investors a way to access digital currencies through brokers instead of via online exchanges or wallets. Unlike an exchange-traded fund, which holds the asset it tracks, an ETN is an unsecured debt security, with the net asset value derived from relevant exchanges or the futures market.
Bitcoin fell as much as 14 percent on Friday and was trading around $15,250 as of 9:30 a.m. New York time.