Binance coin has gained another major boost as Swedish asset manager Virtune AB announced the launch of a BNB ETP on Nasdaq Stockholm. This comes as institutions look to gain exposure to the token.
Virtune Launches BNB ETP in Europe
In a press release, the asset manager shared that they would launch their Virtue BNB exchange-traded product on Nasdaq Stockholm. This is the largest stock exchange in Sweden. The product is designed to offer investors an easy way to access the Binance coin.
The CEO of Virtune, Christopher Kock, also shared his excitement in having the BNB ETP product debut on the exchange.
This comes not long after FLOKI became the first BNB chain coin to have an exchange-traded product in Europe. This shows that more institutional investors are now interested in adding this asset to their portfolios.
The product offers 1:1 exposure to the coin with a management fee of 1.95%. Denominated in SEK, it is set to begin trading today. The BNB ETP’s custodian would be provided by Coinbase.
Binance Coin Gains Institutional Momentum
The altcoin has been gaining traction among major institutions in recent days. For instance, last week, the top crypto ETF issuer Grayscale filed a registration statement for a BNB ETF with the U.S. SEC. The fund will also list on Nasdaq under the ticker GBNB. This is the second asset manager to file for the product after VanEck.
Apart from launching new products like the BNB ETP, companies have begun exploring adding Binance Coin to their digital asset portfolios. Last year, it was reported that Hedge Fund execs were looking to raise about $100 milllion to accumulate the coin to create the BNB treasury.
Last September, BNC Network Company shared that they were closing in on 1% of the total supply of the Binance coin. The firm made a purchase of 38,888 BNB tokens in a single transaction.
Meanwhile, the altcoin has yet to reflect the effect of this activity in its value. The token has fallen by more than 10% in the past six months in this cycle.
Source: https://coingape.com/binance-coin-gains-institutional-boost-as-virtune-lists-new-bnb-etp-on-nasdaq/
