Deutsche Boerse has listed an exchange-traded product (ETP) that tracks the value of bitcoin.

21Shares, a Swiss-based product provider formerly known as Amun, said its bitcoin ETP had been officially accepted Wednesday to list on Xetra, Deutsche Boerse's electronic trading venue.

"The listing on Xetra not only strengthens our current position in Germany but also opens up institutional-grade crypto products to the wider European and international markets," said Laurent Kssis, 21Shares' managing director, in a statement.

Deutsche Boerse Group has two trading venues: Xetra, and the Frankfurt Stock Exchange. Together, they count as the third-largest trading platform in Europe, just behind the London Stock Exchange and Euronext.

Deutsche Boerse's data shows more than €150 billion (US$168.6 billion) worth of equities and derivative products changed hands at Xetra in May. In December last year, the exchange handled approximately €300 billion in volume.

The London-based investment firm ETC Group listed a bitcoin-backed security on Xetra, earlier this month.

Bitcoin ETPs provide exposure to bitcoin in a regulated asset class. In contrast to the U.S., where regulators have been loathe to sign off on bitcoin ETF applications, there are already three to four entities offering crypto-backed products across Europe.

21Shares launched its first Bitcoin ETP at the end of 2018 on the SIX Swiss Exchange, the largest in Switzerland. The company has since launched products that track other cryptos, and some track multiple digital assets. It released a "Short Bitcoin" ETP that inversely tracks bitcoin's price in February.

See also: Asset Manager Wilshire Phoenix Files to Launch New Bitcoin Investment Trust

WisdomTree, the world's largest product provider, launched a physically backed bitcoin ETP on SIX in December.

21Shares' products already listed seven of its ETPs on retail-orientated Boerse Stuttgart, Germany's second-largest exchange, in January.

Kssis told CoinDesk the firm wants to increase exposure in Europe's institutional market.

"Most institutions do not have easy access to Stuttgart as it's a regional exchange," he said.

Swiss institutions currently hold up to 80% of 21Shares' assets under management, according to Kssis. Listing on Xetra, which has a greater international reach, will make 21Shares' Bitcoin ETP accessible to investors based around the world.

Investors will be able to begin trading the Bitcoin ETP on Xetra from Thursday.