If you buy Bitcoin through your ordinary securities account, you are as a rule not buying Bitcoin. You are buying a note that certifies a claim against a company. That note is called a crypto ETN, usually marketed as an ETP, and in legal terms it is a debt security. If the firm behind it collapses, the price of the coin will do little for you. That is exactly why the products actually tradable in Germany deserve a closer look.

On September 12, 2026 we downloaded the official Deutsche Boerse product list for crypto ETNs on Xetra and counted it line by line. The result: 146 trading lines, behind them 122 distinct products from 16 issuer families, whose securities identification numbers originate in six different countries….