CoinShares’ CSO says the firm is “starting 2021 off with a bang” by launching a $200 million physically-backed Bitcoin ETP on Switzerland’s SIX exchange.
Digital asset manager CoinShares is launching a Bitcoin exchange-traded product, or ETP, on the SIX Swiss Exchange.
According to a report from Bloomberg today, the Bitcoin ETP will go live on Switzerland’s principal stock exchange tomorrow under the ticker symbol BITC.
Each ETP will be physically backed by 0.001 Bitcoin (BTC) — worth roughly $36 at the time of publication. The custodian behind the ETP will be Komainu, the custodian established by CoinShares in partnership with Japanese bank Nomura Holdings and hardware wallet manufacturer Ledger during June 2020.
“A lot of institutional clients have a very strong due-diligence process, and we wanted to bring to market a best-in-class product to embrace that demand,” said CoinShares’ chief revenue officer, Frank Spiteri. “We are ready, as of January, to embrace the forthcoming demand from institutional clients.”
https://twitter.com/Melt_Dem/status/1351241569697992705?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noreferrer
https://platform.twitter.com/widgets.js
CoinShares chief strategy officer, Meltem Demirors, tweeted that the ETP will launch with $200 million in assets under management, or AUM. According to Bloomberg, the firm has roughly $4 billion in AUM — a 300% increase since August of last year.
SIX Exchange has significantly expanded its crypto offerings since listing the world’s first ETP three years ago. In July, the exchange listed the Bitcoin Capital Active ETP, an actively managed ETP trading BTC against 14 top altcoins. Last week, London-based investment firm ETC Group also launched a Bitcoin ETP on the exchange .
The United States Spot Bitcoin ETFS market is bleeding, with reports unveiling outflows exceeding $500…
On-chain data recently showed that Ripple carried out its monthly escrow unlock for May. As…
In a significant legal development for the crypto industry, Changpeng Zhao, widely known as CZ,…
In the face of a general market decline and pessimism, Captain Faibik, a cryptocurrency expert…
Changpeng Zhao, also known as CZ, the founder and former CEO of Binance, one of…
Crypto investment products are now going through rough times, as shown by inflow and outflow…