Invesco, the U.S.-based asset manager with USD1.5trn AuM, has launched a Bitcoin ETP on Xetra that is aimed sophisticated investors looking to gain exposure to the cryptocurrency. The Invesco Physical Bitcoin ETP will be 100pct backed by holdings in the underlying digital assets, with the aim of delivering the price performance of Bitcoin, less a fixed 0.99% annual fee.
CoinShares, Europe’s largest and longest standing digital asset investment firm, is the index sponsor and will also serve as the execution agent for the ETP. Bitcoins will be held on behalf of the ETP by Zodia Custody, a UK-based digital asset custodian which is registered with the FCA as a Crypto Asset Business under UK Anti-Money Laundering Regulations. Zodia Custody was incubated by SC Ventures, the innovation arm of Standard Chartered. Northern Trust, a co-investor in Zodia Custody, is the administrator for the ETP. Intertrust will act as the trustee.