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XBTI - Iconic Funds Physical Bitcoin ETP

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Product Details

Type:Exchange Traded Note (100% collateralized)
ExchangesDeutsche Boerse Xetra,
SIX Swiss Exchange, Euronext Paris and Amsterdam
Trading CurrencyEUR, USD, CHF
Exchange TickerXBTI
ISINDE000A3GK2N1
WKNA3GK2N
SEDOLBKY5G79
VALOR110570684
BloombergXBTI GY
RIC (Reuters)XBTI.DE

General Information

Product Description

Iconic Funds Physical Bitcoin ETP (Ticker: XBTI) is an exchange traded product (ETP) that tracks the price of Bitcoin (BTC). The ETP is 100% physically backed by BTC. Each ETP gives the holder a claim on a predefined amount of BTC. 

  • Physically backed by Bitcoin and stored in so called cold storages, highly regulated and trusted crypto custodians with an additional 3rd Party insurance
  • Competitive management fee of 0.95% p.a.
  • Listed and traded on Deutsche Börse Xetra, SIX Swiss Exchange, Euronext Paris and Amsterdam
  • No lending – Bitcoin held in custody and not lent out
  • Iconic Funds is a German Company and the product is “Made in Germany”
Pricing Information

Bitcoin Entitlement (Bitcoin Factor): Each Note is backed by 0.0001 Bitcoin at launch.

Price: Bitcoin Entitlement (Bitcoin Factor) x Bitcoin price

Key Risks

Investors’ capital is at risk and investors may not get back the amount originally invested. The ETP is structured as fully collateralized debt security, not as equity. The ETP traded on exchanges are bought/sold at market prices which may be different to the net asset value of the ETP or Bitcoin

Physical Delivery Option for Retail Investors

A Holder can only exercise its termination right through an Authorized Participant, if he qualifies in accordance with client acceptance policies of the respective Authorized Participant (which the Issuer has no influence over). The termination can be exercised through any Authorized Participant whether or not the Notes were acquired through the Authorized Participant receiving the notice or acquired through a secondary market. In such case, the Notes will be redeemed in BTC to the Digital Wallet of the Holder, unless a Holder is prevented from receiving BTC for legal or regulatory reasons (such as Undertakings for Collective Investment in Transferable Securities (UCITS) within the meaning of Article 1 of the Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009). In such cases the Holder, acting through an Authorized Participant, may demand redemption in USD and EUR in which case the BTC will be converted into USD or EUR in accordance with the relevant provisions of the Terms and Conditions on a date fixed for redemption. If you are interested in the physical delivery option, please reach out to: redemption@iconicholding.com.

About the Issuer

Iconic Funds BTC ETN GmbH is a wholly owned subsidiary of Iconic Funds GmbH

Iconic Funds GmbH is a subsidiary of Iconic Holding GmbH. Iconic Funds’ mission is to drive the adoption of crypto assets. As the bridge for investors to gain exposure to crypto assets, Iconic’s licensed and regulated vehicles offer investors a menu of investment choices ranging from passive index exposure to actively-managed strategies.

Iconic mitigates the technical risks of crypto investing by offering investors trusted and familiar means to invest in crypto at industry-leading low costs. The marriage of state-of-the-art technology, innovative investment products and uncompromising professionalism places Iconic at the vanguard of crypto asset management.

Composition of the product

The underlying of the Notes is Bitcoin, commonly known by the ticker symbol BTC. BTC was the first decentralised cryptocurrency. It was released as open-source software in 2009. BTC was developed to secure payment transactions over a peer-to-peer network (blockchain). The intention of the creation of BTC is to bridge the need for a trusted third party, to democratize the monetary system and ensure the anonymity of transactions made through the blockchain. In contrast to traditional currencies where governments or central banks have the power to increase the money supply at will, the supply of bitcoin is capped at 21 million units hardwired within its codebase. Despite the emergence of many alternative cryptocurrencies Bitcoin still remains the largest cryptocurrency in terms of market capitalization and user acceptance.

BTC (Bitcoin)

100%

Iconic Funds Cryptocurrencies Research

Key Facts

As of Date17.10.2021
Base CurrencyUSD
Inception DateApril 15, 2021
DomicileGermany
Bitcoin Entitlement NAV per Note (USD) **5.7183
Bitcoin Entitlement Factor (BTC) **0.0000995080344705462
Net Asset Value (USD)**6,141,469.18
Total Expense Ratio0.95%
Replication MethodPhysically Allocated Bitcoin (100% collateralized)
Notes Outstanding**1,074,000.00
UCITS CompliantNo
UCITS EligibleEligible*
Product StructureETP - Physically Backed by Bitcoins (100% collateralized)
Securities LendingNo
Legal FormDebt Security (100% collateralized)
IssuerIconic Funds BTC ETN GmbH
AdministratorState Street Bank International GmbH
Security TrusteeBankhaus von der Heydt GmbH & Co. KG
CustodiansFidelity Digital Assets LtdSM
Coinbase Custody International Ltd
RegistrarClearstream Banking AG
Registered for saleGermany, the Netherlands, Norway, Sweden, Italy, France, Estonia, Poland, Slovakia, Spain, Finland, Greece, Portugal, Slovenia, the Czech Republic, Denmark, Austria, Belgium, Cyprus, Ireland, Switzerland, Liechtenstein, Luxembourg and Malta

Service Providers

Downloads

*Please verify with your investment advisor as this may differ from jurisdiction to jurisdiction.

**As values are updated once a day they might be outdated the time of viewing the website. For accurate information please refer to other official sources. The value is not necessarily the same as the ETPs’ on-exchange trading price. Investors should not expect to buy or sell the ETN at the determined value.

Disclaimer:

This website, the informational material and product information represents solely a non-binding preliminary information which serves exclusively advertising purposes and is not a prospectus in the sense of the European Securities Prospectus Act, the German Investment Act or the German Investment Code or a corresponding foreign law. The content is neither an offer nor a solicitation of an offer to purchase securities. The information on this website does not constitute investment advice or investment recommendation. The greatest possible care has been taken in the preparation of this website, but errors and omissions remain reserved.In case statements are made they are based on evaluations, economic data, own assessments and are forward looking statements at the time of preparation of the website and can be subject to changes. The price performance of cryptocurrencies is highly volatile and unpredictable and past price performance is no guarantee of future price performance.

Note: The approval of the Prospectus should not be construed as an endorsement of the securities offered or admitted to trading on a Regulated Market.

Prospective investors should read the Prospectus before making any investment decision in order to fully understand the potential risks and rewards of deciding to invest in the securities.