Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Bitwise Physical Bitcoin ETP

Past performance is not a reliable indicator of future results. Performance shown reflects net asset value (NAV) returns, based on data from Bitwise. Year-to-date performance is calculated from 01.01.2025; performance since inception reflects NAV from 19.04.2024. NAV is displayed in the base currency (USD); price performance may be shown in a different currency, such as EUR. If performance is shown in a currency other than GBP, returns may increase or decrease as a result of currency fluctuations. Current performance may differ from the figures shown. Transaction costs and brokerage fees may apply. Your capital is at risk.
Factsheet

Investment Objective

The Bitwise Physical Bitcoin ETP is a physically backed exchange-traded product that aims to provide investors with listed exposure to the market price of Bitcoin. The product seeks to offer efficient access and daily tradability on recognised stock exchanges, with digital assets held in cold-storage custody. Investors should note that while the ETP is listed on regulated exchanges, the underlying cryptoassets are not regulated by the FCA.

Data as of

Bitcoin exposure on the stock exchange.

The ETP can be bought and sold on exchange during market hours, in the same way as stocks or ETFs, through a standard securities account.
100%% fully backed, with a physical redemption feature and an independent administrator providing oversight and control.
Assets backing the ETP are kept in cold-storage custody.
Base prospectus approved by the German financial authority and the FCA. Investors should note that while the ETP is listed on regulated exchanges, the underlying cryptoassets are not regulated by the FCA.
Weekly balance reports by an independent administrator provide investors with full transparency into assets held in custody. Learn more

BTCE Product Specifications

Key Information

Primary Ticker BTCE
ISIN DE000A27Z304
WKN A27Z30
Inception Date 2020-06-08
AUM $835,785,584.08
Benchmark Name Bloomberg Cryptocurrency Fixing for Bitcoin
Replication Method Physically allocated (100% fully backed)
Issuer Bitwise Europe GmbH
Domicile Germany
Minimum Investment 1 unit
Expiry Date Open ended

Composition

0 logo Bitcoin (BTC) 100 %

NAV

NAV (USD)
$65.84
NAV to previous day
-1.07%  /  -$0.71

BTCE Performance

Year NAV
YTD -17.58%
2024 120.73%
2023 150.42%
2022 -64.67%
2021 55.46%
2020** 194.84%

Assets under Management

Asset Name Bitcoin
Asset Symbol BTC
Shares outstanding 12,694,132
AUM in Cold-Storage BTC 11,276.16
AUM market value (USD) $835,785,584.08
Cryptocurrency Entitlement (per unit) BTC 0.00088830

BTCE Trading Information

Currency
Exchange
ISIN
WKN
Valoren
Ticker BBG
SEDOL
RIC
Ticker
Listing date:
ISIN DE000A27Z304
WKN A27Z30
Valoren -
BTCE GR
SEDOL BMWSLR9
RIC BTCE.DE
Ticker
Listing date:
ISIN DE000A27Z304
WKN A27Z30
Valoren -
BTCF GR
SEDOL BMFCDV6
RIC BTCF.DE
SIX
USD
Ticker
Listing date:
ISIN DE000A27Z304
WKN -
Valoren 55503260
BTCEUSD SW
SEDOL BLB3S55
RIC BTCEUSD.S
SIX
CHF
Ticker
Listing date:
ISIN DE000A27Z304
WKN -
Valoren 55503260
BTCECHF SW
SEDOL BLB3S77
RIC BTCECHF.S
SIX
GBP
Ticker
Listing date:
ISIN DE000A27Z304
WKN -
Valoren 55503260
BTCEGBP SW
SEDOL BLB3S66
RIC BTCEGBP.S
Ticker
Listing date:
ISIN DE000A27Z304
WKN A27Z30
Valoren -
BTCE AV
SEDOL BN4RH62 AT
RIC DE000A27Z304=VI
Ticker
Listing date:
ISIN DE000A27Z304
WKN -
Valoren -
BTCE NA
SEDOL BN0ZB13
RIC BTCE.AS
Ticker
Listing date:
ISIN DE000A27Z304
WKN -
Valoren -
BTCED QE
SEDOL BMWSLR9
RIC -
Ticker
Listing date:
ISIN DE000A27Z304
WKN -
Valoren -
BTCED QX
SEDOL BMWSLR9
RIC -
Ticker
Listing date:
ISIN DE000A27Z304
WKN -
Valoren -
BTCEGZ QX
SEDOL BLB3S66
RIC -
Ticker
Listing date:
ISIN DE000A27Z304
WKN -
Valoren -
BTCECZ QX
SEDOL BLB3S77
RIC -
Ticker
Listing date:
ISIN DE000A27Z304
WKN A27Z30
Valoren -
BTCED I2
SEDOL BNM7CN6
RIC BTCEd.DXE
Ticker
Listing date:
ISIN DE000A27Z304
WKN -
Valoren -
BTCE FP
SEDOL BN0ZB02
RIC BTCE.PA
LSE
GBP
Ticker
Listing date:
ISIN DE000A27Z304
WKN -
Valoren -
BTCE
SEDOL BS6ZTT6
RIC -
LSE
USD
Ticker
Listing date:
ISIN DE000A27Z304
WKN -
Valoren -
BTCF
SEDOL BMF8HY5
RIC -
XSTO
SEK
Ticker
Listing date:
ISIN DE000A27Z304
WKN -
Valoren -
BTCE SS
SEDOL BNYL2N6
RIC -
XMIL
EUR
Ticker
Listing date:
ISIN DE000A27Z304
WKN A27Z30
Valoren -
BTCE IM
SEDOL BNVTWF5
RIC BTCE.MI

Buy and sell just like stocks or ETFs

Use the securities account you already have or select from a wide range of platforms.

  1. Open your online securities account and call up the order mask.
  2. Insert ticker, ISIN, or name of the product and select trading platform.
  3. Set amount and review your order to ensure accuracy before confirming the trade.
Important Notice: Before placing an order, new investors will need to complete the standard regulatory checks required by their investment platform. This includes an appropriateness assessment, client categorisation, and a cooling-off period, where applicable.
Registered for sale (prospectus passported and/or approved in the following jurisdictions)
cz flag Česká Republika dk flag Danmark de flag Deutschland ee flag Eesti es flag España fr flag France hr flag Hrvatska ie flag Ireland it flag Italia lu flag Luxembourg mt flag Malta nl flag Nederland no flag Norge at flag Österreich pl flag Polska ch flag Schweiz si flag Slovenija sk flag Slovensko fi flag Suomi se flag Sverige gb flag United Kingdom gr flag Ελλάδα cy flag Κύπρος

Liquidity

Market Makers /
Authorised Participants (APs)
detailed info
Flow Traders B.V.
Susquehanna International Securities Limited
Goldenberg Hehmeyer LLP
DRW Europe B.V.
Jane Street Financial Limited
XTX Markets SAS
Virtu Financial Ireland
Product Details

Structure

Domicile Germany
Issue Date 2020-06-05
Inception Date 2020-06-08
Primary Listing Date 2020-06-18
Primary Listing Exchange Deutsche Börse XETRA
Legal Form Debt Security, fully asset-backed
Product Structure ETP (Exchange Traded Product)
Redemption by Investors* Yes
Creation & Redemption (APs) In-kind
Leverage 1:1 (No leverage)
Minimum Investment 1 unit
Expiry Date Open ended
Replication Method Physically allocated (100%% fully backed)
Lending No
* Possible against the undelrying cryptocurrency or in cash in cases where redemption in cryptocurrency is not possible for regulatory reasons.

Key Service Providers

Issuer Bitwise Europe GmbH
Prospectus Competent Authority BaFin (Germany)
Custodian Zodia Custody (Europe) S.A.,
BitGo Bank & Trust, National  Association
Security Trustee The Law Debenture Trust Corporation p.l.c.
Administrator Apex Corporate & Advisory Services Ltd
Registrar Clearstream Banking AG
Paying Agent & Fiscal Agent Quirin Privatbank AG

Underlying Price Reference

Benchmark Name Bloomberg Cryptocurrency Fixing for Bitcoin
Bloomberg Ticker XBT CFIX Curncy
Benchmark Provider Bloomberg
Price Reference Currency USD
NAV Valuation Method Daily NAV

Fees

Management Fee (TER) 2.00% p.a.
Performance Fee None
Entry/Exit Fees* None
* Your broker may charge commissions to buy and sell the ETP

Legal & Tax

ISA and SIPP Eligible Yes*
UCITS Compliant No
UCITS Eligible Contact us for more information**
SFDR Classification Contact us for more information
*subject to platform eligibility
**Currently, there are no definitive regulatory indications to determine the suitability of this ETP for investment in UCITS. Bitwise has conducted an internal analysis, applying the UCITS eligibility framework to ETPs with cryptocurrencies as underlying assets. For further information, please contact us at clients@bitwiseinvestments.com.

Risk Warnings

Estimated Reading Time: 2 min

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

What are the key risks?

  1. You could lose all the money you invest
    • The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in cryptoasset exchange traded notes.
    • The cryptoasset market is largely unregulated. There is a risk of losing money due to risks such as cyber-attacks, financial crime and firm failure.
  2. You should not expect to be protected if something goes wrong
    • The Financial Services Compensation Scheme (FSCS) doesn’t protect this type of investment because it’s not a type of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker here.
    • Protecion from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about FOS protection here.
  3. Cryptoasset investments can be complex
    • Investments in cryptoasset-linked products can be complex, making it difficult to understand the risks associated with the investment.
    • You should do your own research before investing. If something sounds too good to be true, it probably is.
  4. Don’t put all your eggs in one basket
    • Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on any one to do well.
    • A good rule of thumb is not to invest more than 10% of your money in high-risk investments. Learn more here.

If you are interested in learning more about how to protect yourself, visit the FCA’s website here.

For further information about cryptoassets, visit the FCA’s website here.

Welcome to Bitwise
Important Information – Please Read Before Proceeding

This website is operated by Bitwise Europe GmbH (“Bitwise”, “we”, “us”). The information on this website is intended for UK retail clients and other visitors in the United Kingdom. If you are not in the UK, local laws and rules may differ and the materials here may not be appropriate for you.

All content is provided for general information only. It does not constitute investment advice, tax or legal advice, an offer, or a solicitation to buy or sell any investment and must not be relied upon to make an investment decision. You should consider whether an investment is suitable for your circumstances and, where appropriate, seek independent professional advice.

Cryptoassets and crypto-linked products are high-risk. The FCA categorises retail crypto promotions as Restricted Mass Market Investments (RMMI). As such, additional prominence, risk-warning and risk-summary requirements apply to retail communications. You could lose all the money you invest.

Investments in cryptoassets or many crypto-linked products are generally not covered by the UK Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS). You should not expect to be protected if something goes wrong.

Access to certain pages, features, or transactions may be subject to client categorisation and appropriateness assessments required by FCA rules. We may ask you to complete checks or declarations before you can proceed.

Where this website contains a retail financial promotion for crypto or other RMMIs, you will see the FCA-prescribed risk warning and a link (“Take 2 mins to learn more”) to the FCA risk summary presented in a pop-up or dedicated page. For convenience, you can access that summary here at any time.

Where performance is shown, past performance is not a reliable indicator of future results. Any projections, targets, or forward-looking statements are inherently uncertain and may not be realised. Fees and expenses reduce returns.

Returns may be reduced by fees, charges, spreads, and taxes. Tax treatment depends on individual circumstances and may change. Seek professional advice if unsure.

Where a prospectus (including any base or supplemental prospectus) or KID/PRIIPs KIID or equivalent is provided, it is regulatory disclosure, not marketing. Those documents are generally outside the UK financial-promotion restriction.

In line with FCA rules for high-risk investments, we do not offer incentives to invest (e.g., refer-a-friend bonuses, monetary/non-monetary perks) in relation to retail crypto promotions.

External links are provided for convenience only. We do not control and are not responsible for third-party websites or their content. We take reasonable care to ensure accuracy but do not guarantee completeness, timeliness, or availability of the website or its contents; information may change without notice.

Our products or services may not be available in all jurisdictions or to all investors. Access may be restricted by law. You are responsible for understanding and complying with applicable laws and regulations.

For queries or complaints, contact: clients@bitwiseinvestments.com | Additional contact and legal information is available in our Terms of Website Use and Privacy Policy.

Copyright & trademarks © 2025 Bitwise. All rights reserved. Product names, logos and brands are property of their respective owners

This financial promotion has been approved by Gateway 21 on 17/10/2025

How to buy Bitwise Physical Bitcoin ETP

You can buy this ETP using your existing brokerage or investment account, subject to platform availability. The product is available through a range of participating platforms, including but not limited to:

Array flag USA
  • Canada flag Canada
  • Česká Republika flag Česká Republika
  • Danmark flag Danmark
  • Deutschland flag Deutschland
  • Eesti flag Eesti
  • España flag España
  • France flag France
  • Hrvatska flag Hrvatska
  • Ireland flag Ireland
  • Italia flag Italia
  • Luxembourg flag Luxembourg
  • Malta flag Malta
  • Nederland flag Nederland
  • Norge flag Norge
  • Österreich flag Österreich
  • Polska flag Polska
  • Portugal flag Portugal
  • Schweiz flag Schweiz
  • Slovenija flag Slovenija
  • Slovensko flag Slovensko
  • Suomi flag Suomi
  • Sverige flag Sverige
  • United Kingdom flag United Kingdom
  • USA flag USA
  • Ελλάδα flag Ελλάδα
  • Κύπρος flag Κύπρος
This list is not exhaustive. Platform availability may vary. Please check directly with your broker, bank, or financial adviser to confirm access to Bitwise ETPs.
How to order the ETP in stock market trading:
  • Log in to your online securities account.
  • Open the order entry section.
  • Enter the ISIN DE000A3G3ZL3 or ticker for the product. DE000A3G3ZL3 or WKN A3G3ZL for the product
  • Select the relevant trading venue – such as the London Stock Exchange (LSE).
  • Choose the order amount and confirm your transaction.
Trading availability may depend on your broker’s platform settings, account type, and regulatory permissions.
What to do if the ETP is not available to you?

If the ETP does not appear in your trading platform, contact your broker’s or bank’s customer service team to request access.
Please include the product ISIN and ticker in your request.
If you experience difficulties, you can email clients@bitwiseinvestments.com for assistance.
Our team can liaise with your trading platform or bank to help resolve access queries.

This information is provided for general guidance only and does not constitute investment advice. Investors should confirm platform availability and suitability with their broker, bank, or financial adviser before investing.

Risks Involved in Investing in ETPs

  • Cryptocurrencies and products linked to cryptocurrencies are highly volatile.
  • You can lose some or all of your investment.
  • Risks of investing are numerous and include market, price, currency, liquidity, operational, legal, and regulatory risks.
  • Exchange traded products do not offer a fixed income or match precisely the performance of the underlying cryptocurrency.
  • Investment in cryptocurrencies and products linked to cryptocurrencies are only suitable for experienced investors and you should seek independent advice and check with your broker prior to investing.

All investors should read the relevant base prospectus and final terms contained on this website before investing and, in particular, the section entitled ‘Risk Factors’ for further details of risks associated with an investment.

Redirection to external website

The website or web pages to which you are redirected are not owned by Bitwise. Bitwise therefore shall not be held liable for any information, data, details, explanations and representations (hereinafter referred to as "Information") provided on such websites, in particular not for damages that may result from the use of this Information for your own investment decisions. Price and performance data on the websites of Bitwise may differ from the price information on the websites of the respective online brokers or banks.

The information on the websites to which you are redirected is the sole responsibility of their providers. The offers you find on the providers' websites are expressly not directed at persons in countries that prohibit the provision or retrieval of the content posted therein. Each user is responsible for finding out about any restrictions before accessing the websites and complying with them.

By clicking the "Continue" button, you will be forwarded directly to the website or login or order screen of the selected provider. In the case of an order form, the following fields are usually preset: ISIN, buy/sell and exchange. It should be possible to change such fields at any time. We recommend to carefully check all the details in the securities order form before placing an order.