CBTC
Overview
21shares Bitcoin Core ETP is a physically backed exchange-traded product (ETP) that provides bitcoin exposure through a standard investment account, without the need to manage private keys or maintain a separate crypto exchange account. The product is identified on investment platforms by its ticker: CBTC.
CBTC is physically backed, meaning the bitcoin underlying the product is held and secured by an institutional-grade custodian (BitGo Europe GmbH).
Why invest
Bitcoin's fixed supply
Bitcoin's total supply is capped at 21 million coins, a limit written into the protocol that no government, central bank, or company can change. Of those 21 million, almost 20 million (95%) have already been mined.
This fixed limit could make Bitcoin an effective long-term hedge against inflation and currency devaluation, though its performance depends on investor behaviour and broader macroeconomic conditions. While gold's supply is also scarce, it is not finite, with future supply varying depending on mining activity and new discoveries.
Institutional Bitcoin adoption
Bitcoin is increasingly being adopted as a strategic reserve asset by both corporations and governments. With corporations now holding more than 8% of bitcoin’s total supply and countries like the US beginning to explore it as a national reserve, institutional demand is growing nearly five times faster than new bitcoin is being mined. The rise of crypto ETFs and ETPs is accelerating bitcoin’s adoption by making it more accessible to both retail and institutional investors.
Independence from central authority
Like gold, bitcoin is not controlled by a single government or central authority. Its price cannot be manipulated for domestic or geopolitical gain, helping ensure that it maintains its value if fiat currencies devalue as governments or central banks grapple with their unsustainable levels of debt. Unlike gold, bitcoin is easier to store and highly portable, making it far more efficient to send across borders.
Why access bitcoin through an ETP?
For investors who have decided they want bitcoin exposure, the ETP structure addresses the main practical barrier of direct purchase: complexity.
Buying bitcoin directly requires opening a separate crypto exchange account, managing custody of the bitcoin, and in some cases handling private keys. Losing or mismanaging private keys means losing access to bitcoin permanently. For a position within a broader investment portfolio, this operational complexity may not be proportionate to the size of the allocation.
CBTC trades through the same brokerage account an investor already uses for equities or other funds. There is no separate crypto account to open and no private keys to manage.
Underlying Assets
Performance
Past performance is not a reliable indicator of current or future results.
Key Information
Service Providers
Tickers
Frequently asked questions
Yes. CBTC is 100% physically backed by bitcoin held in cold storage with the institutional custodian BitGo Europe GmbH. The product holds bitcoin directly as the underlying asset and does not use derivatives or synthetic structures to replicate bitcoin's price.
In Europe, exchange-traded bitcoin products are classified as exchange-traded products (ETPs), not exchange-traded funds (ETFs), a difference in legal structure rather than practical access. European fund regulations prevent standard fund structures from offering single-asset exposure, which is why bitcoin ETPs exist as the equivalent product on European exchanges. While ETPs and ETFs are different legal structures, the buying and holding experience as an investor is no different.
21shares Bitcoin Core ETP (CBTC) has an annual product fee: 0.10%.
CBTC can be held through an investment account on platforms that offer regular ETFs and equities. Contact your broker or account provider to confirm eligibility for the account type you intend to use. This is not financial or tax advice.
Whether CBTC can be held within a pension or retirement account depends on the rules in the investor's country of residence and the investment policy of the specific provider. Not all pension providers or schemes permit cryptoasset exchange-traded products. Contact your pension provider directly to confirm eligibility before investing.
The main differences are custody, account type, and ownership. With bitcoin ETPs, the underlying bitcoin is held through the product's structure (custodian: BitGo Europe GmbH) and the product trades through a standard brokerage account: no separate crypto account needed, no private key management required. Buying bitcoin directly means holding it through a crypto exchange or managing it personally, outside a standard investment account.
How to invest
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Underlying Assets
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