Virtune Lists Crypto ETP Tracking Top 10 Crypto Assets

The product will be listed on the Nasdaq Stockholm exchange and will be available to retail and institutional investors alike

article-image

TY Lim/Shutterstock modified by Blockworks

share

Registered financial institution Virtune said Tuesday that it has launched a multi-asset crypto exchange traded product (ETP) on the Nasdaq Stockholm stock exchange in collaboration with crypto index provider Vinter.

The ETP tracks the Virtune Vinter Crypto Top 10 Index (VTOP10), which contains the ten largest crypto tokens by market cap. That includes bitcoin (BTC) and ether (ETH), each of which are weighted at the maximum of 40% as of May 2023. Polkadot (DOT), litecoin (LTC), and chainlink (LINK) round out the top five with weights of 5%, 5% and 3%, respectively, according to the index’s methodology.

Virtune is the issuer of the ETP and relies on Vinter to maintain the index. Vinter rebalances the index every month to make sure that the ETP accurately reflects the top-performing crypto tokens in circulation, the methodology states. 

The leaders of Virtune and Vinter touted the product as a regulated, efficient and secure means for investors to expose themselves to crypto. 

Christopher Kock, co-founder and CEO of Virtune, said he was thrilled to collaborate with Vinter, which is fresh off a $3.4 million funding round in January to expand its index offerings. 

“The ETP will provide an attractive investment opportunity for investors seeking exposure to the crypto market, notably as an entry product for private investors as well as for high net-worth clients and institutional investors in the Nordics,” Kock said in a statement

Retail and institutional investors can buy the VTOP10 ETP, and it will be traded like any security on the stock exchange, according to the press release. Additionally, the ETP is physically backed, meaning that the value of the product is secured by the actual crypto assets in the basket.

Jacob Lindberg, CEO and co-founder of Vinter, told Blockworks he was impressed by Virtune’s team, which was why he chose to collaborate on the ETP. Another factor, according to Lindberg, is that both companies have Swedish roots. 

Lindberg added that Virtune, as the issuer of the ETP, must abide by EU Benchmarks Regulation and pick a registered Benchmark administrator, an entity that legally oversees the benchmarks of the index. 

Vinter is a licensed benchmark administrator, according to the European Securities and Markets Authority.


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2023

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research Report Cover Vertex.jpg

Research

The proliferation of new perp DEXs has led to fragmented liquidity across various DEXs and chains. Vertex, known for its vertically-integrated DEX that includes spot, perpetual, and integrated money markets, is now tackling cross-chain liquidity fragmentation through horizontal integration with the launch of new Edge instances. Vertex's integrated offerings and cross-margined account structure amplify the benefits of new instances: native cross-chain spot trading, optimized cross-chain basis trading, consistent interest rates, reduced bridging friction, and more.

article-image

Partnering with EtherFi and Angle, the fully on-chain perp DEX features bespoke collateral

article-image

Sponsored

Gavin Wood introduced the next evolutionary step for the Polkadot network: the Join-Accumulate Machine, or JAM

article-image

The side events were the places to be at Consensus 2024, according to attendees

article-image

Also, who’s come out swinging in the spot ether ETF fee war — and who could undercut them

article-image

I know it is not in their nature, but US regulators could learn a lot by researching the digital asset frameworks that overseas regulators have already gotten right

article-image

Also, the ETF hype train can count out at least one member