State Street has been appointed as the administrator of a planned Bitcoin-backed exchange traded note (ETN) issued by Iconic Funds BTC ETN GmbH, a subsidiary of Iconic Funds GmbH. The ETN will be listed on the Frankfurt Stock Exchange, following approval by BaFin, the German securities regulator. State Street will provide administration services to support the issuance of the ETN, calculating the NAV of the portfolio. State Street will work closely with the other service providers chosen by Iconic, including Coinbase Custody and Fidelity, who have been selected to store Bitcoin and manage its operational risk. Launched in 2019, Iconic is the holding company of a series of subsidiaries that manage and issue crypto asset index investment products, offering passive and diversified exposure for investors.
