The Malta Financial Services Authority has approved Iconic crypto asset index fund for listing on the Malta Stock Exchange, the index fund will be Europe’s first and also have direct exposure to crypto-assets listed on a regulated market.
Iconic Funds said on Oct. 20 that its BITA20 XA Crypto Asset Index Fund would be listed on the market “in the coming days,” with the fund offering direct exposure to cryptocurrencies.
In addition to placing tokens into particular staking and interest-bearing accounts, the fund invests the majority of its resources in the top 20 cryptocurrencies. Only qualified individuals, not the general public, will be able to invest in the fund, according to Iconic.
“While the crypto world appears to be hyper-focused on the ever-elusive spot Bitcoin ETF, we chose to stay ahead of the curve and list the Iconic BITA20 XA Crypto Asset Index Fund on a Regulated Market in Europe,” stated Patrick Lowry, CEO of Iconic Funds.
“Investors are actively pursuing crypto beyond Bitcoin, and we expect that our Fund’s listing will provide Professional Investors with more opportunities to participate in the crypto market.”
While Malta is authorizing cryptocurrency index funds, the United States is finally approving Bitcoin (BTC) futures-linked exchange-traded funds.
The ProShares Bitcoin Strategy ETF began trading on the New York Stock Exchange this week, just as Bitcoin reached an all-time high price of almost $67,000.
Furthermore, SEC filings indicate that identical shares of ETFs from crypto-asset manager Valkyrie and asset manager VanEck may soon be available on exchanges.
Iconic already has a physically-backed Bitcoin exchange-traded vehicle on the Frankfurt Stock Exchange and Xetra, Deutsche Boerse’s digital stock exchange.
However, it claims that the crypto index fund, which will be custodian by Coinbase Custody International, will be Europe’s first with direct exposure to crypto-assets listed on a regulated exchange.