Bitwise Physical Bitcoin ETP
BTCE
Ticker
ISIN

Buy Bitcoin

just like an ETF
  • NAV daily change
    0.42 %
  • NAV YTD change
    -2.84 %
  • NAV since inception
    779.11 %

Investment Objective

The Bitwise Physical Bitcoin ETP (primary ticker: BTCE) is a physically backed exchange-traded product issued in Germany, designed to provide investors a secure and efficient way to gain exposure to Bitcoin.

Institutional Quality

With primary listing on Xetra since June 2020, BTCE has a proven track record of over 4 years and combines easy access, exceptional tradability, transparency, and institutional-grade custody within a robust, fully backed ETP structure. BTCE's innovative design minimizes issuer-default risk, with an independent trustee safeguarding all investor assets for their exclusive benefit. BTCE was the first European Bitcoin ETP to offset its carbon emissions, making it a sustainable option for investors.

Factsheet
Ticker
ISIN
BTCE Product Specifications

Advantages of BTCE

Trades like an ETF

Buy and sell like any stock or ETF through your regular broker or bank. No new account needed, just enter the ticker or ISIN on your trading platform.

Advanced ETP Structure

100% fully backed, physical redemption, independent administrator, and full transparency through real-time proof of holdings feature.

Institutional-Grade Custody

Assets backing the ETP are kept in cold-storage custody and are secured by an independent trustee, thus mitigating issuer default risk.

Tier 1 Regulatory Framework

Issued and domiciled in Germany, tradable on XETRA and many additional plattforms, and with German financial authority approved base prospectus.

Sustainable Bitcoin investing

Bitwise has been collaborating with a number of expert partners to calculate and offset the carbon emissions related to holdings of Bitcoin in custody. Since the start of our initiative in 2021, we have invested in a variety of projects around nature-revitalisation, green energy and social impact.

Sustainable Bitcoin investing Mark

Specifications

Key Information

Primary Ticker BTCE
ISIN DE000A27Z304
WKN A27Z30
TER 2.00% p.a.
Asset Class Digital Assets
Underlying Exposure Bitcoin (BTC)
Strategy Delta-One
Replication Method Physically allocated (100% fully backed)

Composition

0 logo Bitcoin (BTC) 100 %

NAV

NAV (USD)
$ 85.29
NAV to previous day
0.42%  /  $ 0.35

Performance

Year NAV
YTD -2.84%
2024 120.73%
2023 150.42%
2022 -64.67%
2021 55.46%
2020 194.84%

Assets under Management

Asset Name Bitcoin
Asset Symbol BTC
Shares outstanding 13,900,272
AUM in Cold-Storage BTC 12,584.93
AUM market value (USD) $ 1,185,490,843.18
Cryptocurrency Entitlement (per unit) BTC 0.00090537

BTCE Trading Information

Currency
Exchange
ISIN
WKN
Valoren
Ticker BBG
SEDOL
RIC
Ticker
Listing date:
ISIN -
WKN A27Z30
Valoren -
BTCE GR
SEDOL BMWSLR9
RIC BTCE.DE
Ticker
Listing date:
ISIN -
WKN A27Z30
Valoren -
BTCF GR
SEDOL BMFCDV6
RIC BTCF.DE
Ticker
Listing date:
ISIN -
WKN -
Valoren 55503260
BTCEUSD SW
SEDOL BLB3S55
RIC BTCEUSD.S
Ticker
Listing date:
ISIN -
WKN -
Valoren 55503260
BTCECHF SW
SEDOL BLB3S77
RIC BTCECHF.S
Ticker
Listing date:
ISIN -
WKN -
Valoren 55503260
BTCEGBP SW
SEDOL BLB3S66
RIC BTCEGBP.S
Ticker
Listing date:
ISIN -
WKN A27Z30
Valoren -
BTCE AV
SEDOL BN4RH62 AT
RIC DE000A27Z304=VI
Ticker
Listing date:
ISIN -
WKN -
Valoren -
BTCE NA
SEDOL BN0ZB13
RIC BTCE.AS
Ticker
Listing date:
ISIN -
WKN -
Valoren -
BTCED QE
SEDOL BMWSLR9
RIC -
Ticker
Listing date:
ISIN -
WKN -
Valoren -
BTCED QX
SEDOL BMWSLR9
RIC -
Ticker
Listing date:
ISIN -
WKN -
Valoren -
BTCEGZ QX
SEDOL BLB3S66
RIC -
Ticker
Listing date:
ISIN -
WKN -
Valoren -
BTCECZ QX
SEDOL BLB3S77
RIC -
Ticker
Listing date:
ISIN -
WKN A27Z30
Valoren -
BTCED I2
SEDOL BNM7CN6
RIC BTCEd.DXE
Ticker
Listing date:
ISIN -
WKN -
Valoren -
BTCE FP
SEDOL BN0ZB02
RIC BTCE.PA
Ticker
Listing date:
ISIN -
WKN -
Valoren -
BTCE
SEDOL BS6ZTT6
RIC -
Ticker
Listing date:
ISIN -
WKN -
Valoren -
BTCF
SEDOL BMF8HY5
RIC -

Buy and sell just like stocks or ETFs

Use the securities account you already have or select from a wide range of platforms.

  1. Open your online securities account and call up the order mask.
  2. Insert ticker, ISIN, or name of the product and select trading platform (Our products are tradable at least on Xetra or other major primary listing exchanges).
  3. Set amount and review your order to ensure accuracy before confirming the trade.
Registered for sale
cz flag Česká Republika dk flag Danmark de flag Deutschland ee flag Eesti es flag España fr flag France hr flag Hrvatska ie flag Ireland it flag Italia lu flag Luxembourg mt flag Malta nl flag Nederland no flag Norge at flag Österreich pl flag Polska ch flag Schweiz si flag Slovenija sk flag Slovensko fi flag Suomi se flag Sverige gr flag Ελλάδα cy flag Κύπρος

Liquidity Ecosystem

Market Makers /
Authorised Participants (APs)
detailed info
Flow Traders B.V.
Susquehanna International Securities Limited
Goldenberg Hehmeyer LLP
DRW Europe B.V.
Jane Street Financial Limited
XTX Markets SAS
Makor Securities London Ltd (Enigma Securities)
Product Details

Structure

Domicile Germany
Issue Date 05.06.2020
Primary Listing Exchange Deutsche Börse XETRA
Primary Listing Date 18.06.2020
Legal Form Debt Security, fully asset-backed
Product Structure ETP (Exchange Traded Product)
Redemption by Investors* Yes
Creation & Redemption (APs) In-kind
Leverage 1:1 (No leverage)
Minimum Investment 1 unit
Expiry Date Open ended
Replication Method Physically allocated (100% fully backed)
Lending No
* Possible against the undelrying cryptocurrency or in cash in cases where redemption in cryptocurrency is not possible for regulatory reasons.

Key Service Providers

Issuer Bitwise Europe GmbH
Prospectus Competent Authority BaFin (Germany)
Custodian BitGo Trust Company, Zodia Custody (Ireland) Limited
Security Trustee The Law Debenture Trust Corporation p.l.c.
Administrator Apex Corporate & Advisory Services Ltd
Registrar Clearstream Banking AG
Paying Agent & Fiscal Agent Quirin Privatbank AG

Underlying Price Reference

Benchmark Name Bloomberg Cryptocurrency Fixing for Bitcoin
Bloomberg Ticker XBT CFIX Curncy
Benchmark Provider Bloomberg
Price Reference Currency USD
NAV Valuation Method Daily NAV

Fees

Management Fee (TER) 2.00% p.a.
Performance Fee None
Entry/Exit Fees* None
* Your broker may charge commissions to buy and sell the ETP

Legal & Tax

UCITS Compliant No
UCITS Eligible Eligible but not compliant with UCITS*
SFDR Classification Contact us for more information
ISA Eligible Yes
SIPP Eligible Yes
* Currently, there are no definitive regulatory indications to determine the suitability of this ETP for investment in UCITS. Bitwise has conducted an internal analysis, applying the UCITS eligibility framework to ETPs with cryptocurrencies as underlying assets. For further information, please contact us at europe@bitwiseinvestments.com.

Institutional Custody

Custodian logo

Bitwise only partners with leading providers of digital asset custody. BitGo Trust pioneered multi-signature security in 2013 and, since then has become an industry standard in delivering institutional grade security solutions for digital assets.

Regulated & Certified

Being the first qualified custodian purpose-built for holding digital assets, BitGo Trust Company is an independent trust company regulated by the South Dakota Division of Banking, and SOC 2 Type 1 & 2 certified.

Cold img Wallets

All ETC assets are kept in cold wallets. Cold wallets mean that the digital wallets are not connected to the internet. This protects the wallets from hacks, unauthorized access, and other vulnerabilities.

Multi-Signature img Security

Digital asset are stored using a multi-signature technology and can only be accessed when sharded keys held by separate entities are unities. This creates additional layers of security to protect investor funds.

Insured img

BitGo's $250 million custody insurance policy protects against third-party hacks, theft or dishonest acts by BitGo employees or executives as well as the loss of keys.

Bitcoin Insights

BTCE 3 years anniversary
company btc_prod_page
BTCE 3 years anniversary illustration BTCE 3 years anniversary illustration
What is Bitcoin?
What is Bitcoin?
btc_prod_page bitcoin
What is Bitcoin? illustration What is Bitcoin? illustration
Why structure really matters in Crypto ETPs
Why structure really matters in Crypto ETPs
research btc_prod_page
Why structure really matters in Crypto ETPs illustration Why structure really matters in Crypto ETPs illustration
Bitcoin, ESG and the Future
Bitcoin, ESG and the Future
research bitcoin btc_prod_page
Bitcoin, ESG and the Future illustration Bitcoin, ESG and the Future illustration

Risk Warnings

  1. Cryptocurrencies and products linked to cryptocurrencies are highly volatile.
  2. You can lose some or all of your investment.
  3. Risks of investing are numerous and include market, price, currency, liquidity, operational, legal, and regulatory risks.
  4. Exchange traded products do not offer a fixed income or match precisely the performance of the underlying cryptocurrency.
  5. Investment in cryptocurrencies and products linked to cryptocurrencies are only suitable for experienced investors and you should seek independent advice and check with your broker prior to investing.
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The products displayed on this website are not available for subscription or purchase by retail investors in your selected jurisdiction. Please contact your broker or financial adviser for further information.

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Les produits d’investissement domiciliés en Europe et présentés sur ce site sont des Exchange Traded Commodities (« ETC »), instruments financiers considérés comme des titres de créances complexes par l'Autorité des Marchés Financiers, présentant des risques difficilement compréhensibles par le grand public. À ce titre, leur distribution en France répond à des règles spécifiques. Il relève de la responsabilité des intermédiaires et investisseurs professionnels souhaitant offrir des ETCs à leurs clients de s'assurer que leur distribution auxdits clients est réalisée dans le respect de la réglementation française.

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Information available on this website is not, and under no circumstances is to be construed as, an advertisement or any other step in furtherance of a public offering in the United States, to, or for the account or benefit of, any U.S. Person or in Canada, or any state, province or territory thereof, where neither the Issuer nor its products are authorised or registered for distribution or sale and where no prospectus of the Issuer has been filed with any securities regulator. Neither this website nor information it contains should be accessed by a US person or legal entity or taken, transmitted or distributed (directly or indirectly) into the United States.

This document does not constitute an invitation or inducement to engage in investment activity. In the UK, this document is provided for information purposes and directed only at investment professionals (as defined under the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 as amended from time to time). It is not intended for use by, or directed at, retail customers or any person who does not have professional experience in matters relating to investment in cryptocurrencies and crypto-backed ETPs. Neither the Issuer nor its products are authorised or regulated by the UK Financial Conduct Authority.

No advice

Nothing on this website should be considered to be investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. All investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.

The information on this website is provided for information purposes only. The fact that Bitwise has provided it does not constitute investment advice or a recommendation to buy or sell any particular product or to engage in any other related transaction. The products involve a high degree of risk and are not necessarily suitable for everyone. The products presented in this section of the website are intended for sale only to sophisticated investors who are able to understand and bear the risks involved. They may not be suitable for you.

In preparing the information in this section of the Website, Bitwise has not taken into account your individual investment objectives, financial situation or investment needs. Nothing in the website constitutes or is intended to constitute financial, legal, accounting or tax advice. Neither Bitwise or any affiliate will provide or purport to provide you with investment advice as a result of your use of this website. Accessing this website does not create any contract whereby Bitwise agrees or undertakes to provide you with any information or investment advice. The information on this website is provided solely on the basis that you will make your own investment decisions.

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Neither Bitwise nor any of its affiliates, directors, officers or employees shall be responsible or will be liable for any loss or damage including consequential or indirect damage or loss of profit, arising in any way from the use of, or inability to use, this website or any reliance placed on the information it contains. The website is provided on an "as is" basis. Whilst we take all reasonable care to ensure the information published on this website is up to date and as accurate as possible, Bitwise does not guarantee or warrant that this website, or any services or content on it, will always be accurate, available or provided uninterrupted. We may suspend, withdraw, discontinue or change all or any part of this website without notice. We do not guarantee that this website will be secure or free from bugs or viruses. You agree that your use of this website is at your own risk.

Certain documents made available on this Website may have been prepared and issued by persons other than Bitwise. Bitwise is not responsible in any way for the content of any such documents. The website may also contain hyperlinks to external websites that are not under the control of Bitwise. Bitwise does not approve or endorse the contents of such websites and does not control or take any responsibility for the content of any such websites.

Risk Warnings

  • Cryptocurrencies and products linked to cryptocurrencies are highly volatile.
  • You can lose some or all of your investment.
  • Risks of investing are numerous and include market, price, currency, liquidity, operational, legal and regulatory risks.
  • Exchange traded products do not offer a fixed income or match precisely the performance of the underlying cryptocurrency.
  • Investment in cryptocurrencies and products linked to cryptocurrencies are only suitable for experienced investors and you should seek independent advice and check with your broker prior to investing.

All investors should read the relevant base prospectus and final terms contained on this website before investing and, in particular, the section entitled ‘Risk Factors' for further details of risks associated with an investment.

General

The website is owned and operated by ETC Management Ltd, a company registered in England and Wales under number 12165332 with its registered office at Gridiron, One Pancras Square, London, England, N1C 4AG. You can contact us by email at europe@bitwiseinvestments.com.

References to “Bitwise”, “we”, “us” and “our” in these Terms of Website Use refer to ETC Management Ltd and our affiliates.

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Buy Bitwise Physical Bitcoin ETP through your regular online broker or bank

Buy this ETP using your existing brokerage account, or choose from a variety of platforms:

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  • Eesti flag Eesti
  • España flag España
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  • Ελλάδα flag Ελλάδα
  • Κύπρος flag Κύπρος
How to order the ETP in stock market trading:
  • Open your online securities account
  • Call up the order mask
  • Set amount
  • Enter order details using the ISIN or WKN
    of the desired product
  • Select trading platform (our ETPs are all tradable on at least Xetra)
  • Place the order
What to do if the ETP is not available to you?

Contact your online trading platform or your bank's customer service to request trading access to our products. Always include ISIN and ticker in your request. If you face any difficulties, send us an email with further information to europe@bitwiseinvestments.com. We are here to help and may contact your online trading platform or bank to help resolve the issue.

Risks Involved in Investing in ETPs

  • Cryptocurrencies and products linked to cryptocurrencies are highly volatile.
  • You can lose some or all of your investment.
  • Risks of investing are numerous and include market, price, currency, liquidity, operational, legal, and regulatory risks.
  • Exchange traded products do not offer a fixed income or match precisely the performance of the underlying cryptocurrency.
  • Investment in cryptocurrencies and products linked to cryptocurrencies are only suitable for experienced investors and you should seek independent advice and check with your broker prior to investing.

All investors should read the relevant base prospectus and final terms contained on this website before investing and, in particular, the section entitled ‘Risk Factors’ for further details of risks associated with an investment.

Redirection to external website

The website or web pages to which you are redirected are not owned by Bitwise. Bitwise therefore shall not be held liable for any information, data, details, explanations and representations (hereinafter referred to as "Information") provided on such websites, in particular not for damages that may result from the use of this Information for your own investment decisions. Price and performance data on the websites of Bitwise may differ from the price information on the websites of the respective online brokers or banks.

The information on the websites to which you are redirected is the sole responsibility of their providers. The offers you find on the providers' websites are expressly not directed at persons in countries that prohibit the provision or retrieval of the content posted therein. Each user is responsible for finding out about any restrictions before accessing the websites and complying with them.

By clicking the "Continue" button, you will be forwarded directly to the website or login or order screen of the selected provider. In the case of an order form, the following fields are usually preset: ISIN, buy/sell and exchange. It should be possible to change such fields at any time. We recommend to carefully check all the details in the securities order form before placing an order.