CoinShares Launches Exchange Traded Bitcoin Product

Photographer: Chris Ratcliffe / Bloomberg

CoinShares, an asset manager based in Saint Helier, Jersey, is launching an exchange-traded Bitcoin product amid a fierce rally for the world’s largest digital currency.

The physical Bitcoin product CoinShares will go live on January 19 and will be listed under the symbol BITC on the SIX Swiss Exchange. It will charge an expense ratio of 0.98%. Komainu, a company developed by Ledger, Nomura Holdings Inc. and CoinShares, will serve as the custodian.

“A lot of institutional clients have a very strong due diligence process, and we wanted to bring a top-notch product to market to meet that demand,” said Frank Spiteri, chief revenue officer at CoinShares. “We are ready, starting in January, to meet the coming demand from institutional clients.”

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CoinShares, which has around $ 4 billion in assets under management, was among the first to launch a crypto product. He launched a regulated Bitcoin investment vehicle in 2015, when the coin traded around $ 400.

BITC will be physically backed, meaning it will own the underlying assets it is designed to track. Each unit of the product will be backed with 0.001 Bitcoin.

The launch takes place amid a hot rally for the world’s largest cryptocurrency as more Wall Street companies are interested. Bitcoin gained 300% in 2020 and recently set a record high of over $ 41,000.