XTB has responded to the growing demand for crypto investments by sharing three new exchange-traded products (ETNs), providing European traders with more avenues to access digital assets beyond traditional CFDs.
The move comes in the wake of heightened interest in Bitcoin exchange-traded funds (ETFs) and the subsequent inability of European investors to directly participate in these instruments. XTB aims to bridge this gap by offering alternative investment options that cater to the evolving preferences of its clientele.
Filip Kaczmarzyk, Member of the XTB Management Board, emphasized the company’s commitment to meeting investor needs: “We are regularly answering investors’ questions about when they can start investing in Bitcoin ETFs in Europe. While we don’t know the answer, we wanted to find an alternative given the interest in crypto.”
XTB Broadens Crypto Investment Horizon with New ETNs
The three newly introduced ETNs include two focused solely on Bitcoin and one based on a diversified basket of the ten most popular cryptocurrencies. This strategic move aligns with the company’s objective to provide investors with more choices for gaining exposure to the burgeoning crypto market.
XTB’s decision to incorporate ETNs is rooted in their longstanding availability in Europe. The brokerage firm acknowledges the popularity of these instruments among leading brokers, who have successfully used them to grant clients access to assets that were traditionally challenging to reach.
Previously, XTB primarily offered cryptocurrency investments through CFD contracts. However, driven by increasing investor demand and the surge in interest surrounding American ETFs, the company sought to offer a viable alternative.
Accompanying this announcement, XTB revealed its preliminary financial results for 2023, showcasing impressive growth despite market volatility and inflationary pressures. The company reported a 51% increase in active clients, totalling 311,971, and achieved a 3% year-over-year growth in net profit, amounting to PLN 791.3 million.
The revenue also experienced a substantial uptick, with a 10% year-over-year increase to PLN 1,588.2 million. This growth is because of improved volatility in financial and commodity markets and a significant expansion of its customer base.
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