Apex provides administrative & trustee services to pioneering crypto listed product

Apex was mandated by ETC Group to provide trustee oversight services to ensure delivery on payment for the BTCE Bitcoin ETC, which is listed on Deutsche Börse’s XETRA and SIX Swiss Exchange has amassed over $1.2 billion in AUM since launch in June 2020. Apex will also provide back office administration support services reconciling the subscription/redemption activity for the note.

The product tracks the price of bitcoin and is 100% physically backed, providing investors with regulated and digitally secure access to the cryptocurrency. By purchasing a bitcoin ETC, as opposed to making a direct investment in the cryptocurrency itself, investors can avoid the operational inconveniences of procuring and maintaining a digital storage solution while also benefiting from an additional layer of potential liquidity by way of the exchange listing and secondary market activity. Alongside this, BTCE was the first to offer investors central counterparty clearing with reference to bitcoin exposure.

This appointment is yet further evidence of Apex’s forward looking outlook, innovative architecture and adaptable full service mode, enabling the Group to provide middle and back office services to support this pioneering and highly successful new structure.

Apex also provides services to The Royal Mint Physical Gold ETC (RMAU), distributed by HANetf and which is designed to offer investors an effective way to access the gold market as it tracks the spot price of physical gold. 

John Bohan, Co-founder and Country Head Business Development (Ireland) at Apex Group comments: “We are excited to support ETC Group which is at the forefront of the growing digital assets industry and provides investors with transparent and safe mechanisms to hedge against the current volatility in equity markets. ETC Group and HANetf are bringing some truly innovative products to the market, and we look forward to working with them as they continue to grow their product offering.”

Bradley Duke, CEO of ETC Group adds: “This product is the first of its kind in the market and we have been impressed by Apex’s flexibility and speed at which they are able to embrace and adapt to the fast emerging world of digital currency markets. By working with Apex, we are able to focus on our key business priorities: executing our exciting expansion plans and launching further products which provide investors with physical Bitcoin exposure whilst benefiting from the safety and liquidity of an exchange traded product.”