Global X enters crypto ETP space with double launch

Global X has become the latest ETF issuer in Europe to enter the cryptocurrency exchange-traded product (ETP) market with the launch of two strategies.

The Global X Bitcoin ETN (BT0X) and the Global X Ether ETN (ET0X) are listed on Deutsche Boerse with total expense ratios (TERs) of 0.65%.

Physically collateralised, the two exchange-traded notes (ETNs) offer exposure to the price movements of bitcoin and ethereum, respectively.

The two ETNs are centrally cleared by Eurex Clearing.

Luis Berruga, CEO of Global X, commented: "Digital assets have quickly scaled from a currency into an entire digital economy.

"These new launches underscore Global X’s long-term confidence in and commitment to this asset class."

According to data from Bloomberg Intelligence, there are now over 70 crypto ETPs listed in Europe with around €7.5bn assets under management (AUM).

Global X follows the likes of Fidelity and Invesco which launched physical bitcoin ETPs in February and November 2021, respectively.

The firm has been aggressive in its expansion into the European market in recent months with its range now totalling 29 ETFs.