Bitwise Physical Bitcoin ETP

Bitwise Physical Bitcoin ETP is a physically backed exchange-traded product designed to provide investors with direct exposure to Bitcoin through trading on regulated markets. It tracks the price of Bitcoin, with each unit fully backed by physical holdings of the cryptocurrency stored in cold-storage custody by regulated custodians. The ETP uses a collateralised debt obligation structure, ensuring 100% physical replication without leverage, and offers a physical redemption feature where investors can redeem units for the underlying Bitcoin or cash under certain conditions. Issued by Bitwise and domiciled in Germany, it is tradable via standard brokerage accounts like shares, eliminating the need for personal crypto wallets. The product aims to reflect Bitcoin's value as determined by benchmarks such as the Bloomberg Cryptocurrency Fixing for Bitcoin, after deducting fees and expenses. Bitwise Physical Bitcoin ETP serves as a secure, liquid avenue for European investors seeking cryptocurrency participation within traditional financial frameworks, with assets segregated from the issuer and overseen by a trustee for added protection.