Hyphe launches first Bitcoin bond under eWpG in Germany

• On September 22, 2025, the company Hyphe announced the launch of a new type of security: the Hyphe Bitcoin Bond. This was revealed in a press release available to BTC-ECHO.
• This is the first tokenized zero-coupon bond based on Bitcoin structured under the German Electronic Securities Act (eWpG). The bond is issued by Hyphe Markets GmbH in accordance with Section 16 of the eWpG. Cashlink acts as the crypto registrar and custodian.
• The product is initially aimed exclusively at the German market and will be available to suitable institutional counterparties such as banks, brokers, and asset managers in the future. According to the company, it combines exposure to Bitcoin with additional returns through a structural discount on purchase.
• With this launch, Hyphe is operating within the European regulatory framework under MiFID II. The company emphasizes that this creates a different risk profile than comparable, unregulated products on DeFi platforms.
• “Tokenization will transform the entire financial system in the coming years,” says Hyphe co-founder and CEO Dolf Diederichsen. “We've seen the rise of cryptocurrencies and the interest in stablecoins. Now comes the next phase, in which securities are tokenized. With the Hyphe Bitcoin Bond, investors can gain Bitcoin exposure for the first time in Germany through a regulated zero-coupon bond.”
• The bond represents a first on the German market, as there has been no comparable tokenized Bitcoin security under the eWpG regulations. Hyphe is thus positioning itself as a pioneer for regulated digital investment products in Germany.

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