Apex Group has been selected by ETC Group to provide fund administration and trustee services for its new physical Bitcoin exchange traded product (ETP).
Apex has been mandated to provide trustee oversight services to ensure delivery on payment for the BTCE Bitcoin ETC, while also providing back-office administration support services reconciling the subscription/redemption activity for the note.
The ETP, which is listed on the SIX Swiss Exchange and Deutsche Boerse’s XETRA, has amassed over $1.2 billion in assets under management.
Distributed by HANetf, the product tracks the price of Bitcoin and is 100% physically backed, providing investors with regulated and digitally secure access to cryptocurrencies.
“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,” said Bradley Duke, CEO of ETC Group
“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.”
Apex began offering crypto fund administration services in 2018 on a “very selective and risk-adjusted basis”. A year later, it acquired Bermuda-based administrator Beacon Corporate Services, which also provides cryptocurrency administration and initial coin offering (ICO) services.
“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,” added John Bohan, co-founder and country head business development (Ireland), Apex Group.