FinLab AG: Iconic Funds to Issue First Exchange Traded Product for Bitcoin on a Regulated Market
Frankfurt, October 29, 2019 - Iconic Funds, a global crypto asset management firm and part of Iconic Holding GmbH, which is a portfolio company of FinLab AG (ISIN: DE0001218063; Ticker: A7A.GR), is proud to announce it will issue an Exchange Traded Note (ETN) for Bitcoin of up to 100,000,000 Notes, tracking the NYSE Bitcoin Index (Ticker: NYXBT). The Notes may be subscribed to by qualified investors with both EUR and BTC, with a minimum subscription size of 100,000 Notes and an issue price of EUR 1,00 per Note. Iconic Funds will apply for admission to trading of the Notes on the regulated market of the Luxembourg and Frankfurt Stock Exchanges in Q4 2019. The Notes will have a German ISIN. This Exchange Traded Note on Bitcoin is the world's first genuine exchange traded product with a crypto asset as the underlying on a regulated, major global exchange. The Issuer will hold BTC, more commonly known as Bitcoin, and store them with institutional-grade custodians, such as Coinbase Custody, in order to meet its payment obligations under the ETN. The ETN will be available for trade to retail and institutional investors. The ETN does not have a fixed maturity date, however, the Issuer has the option to call the ETN and investors have the option to put the ETN on a quarterly basis. Iconic will charge a 0.5% quarterly management fee for its services managing the ETN. Structured as a traditional ETN, the investment product removes the technical complications of investing into and holding Bitcoin for investors. Iconic is perpetually at the forefront of crypto asset adoption, having been investing in the space since 2017 and issuing the EU's first fully-licensed crypto asset index fund earlier in 2019. By issuing the first Bitcoin ETN, Iconic has further cemented itself as one of the top and most innovative asset management firms in the world. Important Notices: This notice may contain forward-looking information within the meaning of applicable securities legislation, including with respect to the expected offering size, the terms of the Notes including the anticipating timing for the pricing and settlement date and the listing of the Notes on the regulated market of Frankfurt Stock Exchange and Luxembourg Stock Exchange. Forward looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Iconic Fund's control that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, capital markets conditions and the ability to successfully market the Notes, global and local economic and business conditions. All forward-looking information in this notice speaks as of the date of this notice. Iconic Funds does not undertake to update any such forward-looking information whether as a result of new information, future events or otherwise except as required by law. Additional information about these assumptions and risks and uncertainties is contained in Iconic Fund's filings with securities regulators, including its latest annual information form and MD&A. These filings are also available at Iconic Fund's website at www.funds.iconicholding.com. Press contact: Press contact: Press contact: End of Media Release Issuer: FinLab AG Key word(s): Finance
29.10.2019 Dissemination of a Press Release, transmitted by DGAP - a service of EQS Group AG. |
Language: | English |
Company: | FinLab AG |
Grüneburgweg 18 | |
60322 Frankfurt/Main | |
Germany | |
Phone: | +49 (0)69 719 12 80 - 0 |
Fax: | +49 (0)69 719 12 80 - 011 |
E-mail: | [email protected] |
Internet: | www.finlab.de |
ISIN: | DE0001218063 |
WKN: | 121806 |
Indices: | Scale 30 |
Listed: | Regulated Unofficial Market in Berlin, Dusseldorf, Frankfurt (Scale), Stuttgart, Tradegate Exchange |
EQS News ID: | 899119 |
End of News | DGAP Media |
|
899119 29.10.2019