Fineqia's Cardano ETN secures C$45M in subscriptions
Published: 10:05 29 Jan 2025 EST
Digital asset investment firm Fineqia International Inc (CSE:FNQ, OTC:FNQQF) said on Wednesday that its subsidiary, Fineqia AG, has received C$45 million in subscriptions for its newly launched exchange-traded note (ETN) tied to the Cardano cryptocurrency.
The Fineqia FTSE Cardano Enhanced Yield ETN, which is listed on the Vienna Stock Exchange, allows investors to gain exposure to Cardano’s token while earning yield, regardless of price fluctuations, the company said in a statement.
Fineqia AG is entitled to an annual management fee of 2% of the assets under management (AUM) along with 20% of the annual target 7% yield as a performance fee. The company also has the discretion to charge 0.50% fees on both subscription and redemption, though these fees have been waived for the time being.
The ETN is benchmarked to the FTSE Russell index.
"Investors get exposure to Cardano’s token and receive yield via a regulated, easy-to-access and stock exchange-listed product,” Fineqia CEO Bundeep Singh Rangar said in a statement.
"This provides a structured way to access the potential benefits of blockchain technology through a transparent and regulated financial instrument."
The announcement comes as global exchange-traded products (ETPs) tied to digital assets reached an all-time high of C$216 billion in AUM at the end of 2024, driven by US presidential election results.
The figure more than tripled from $70.8 billion at the start of the year, with ETP growth outpacing the broader digital asset market, Fineqia’s in-house research team reported.
