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Digital asset manager CoinShares is launching a Bitcoin exchange traded product, or ETP, on the SIX Swiss Exchange.
According to a Bloomberg report today, Bitcoin ETP will go live tomorrow on Switzerland’s main stock exchange under the symbol BITC.
Each ETP will be physically backed by 0.001 Bitcoin (BTC) – valued at around $ 36 at the time of publication. The custodian behind the ETP will be Komainu, the custodian created by CoinShares in partnership with Japanese bank Nomura Holdings and hardware wallet maker Ledger in June 2020.
“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 of CoinShares. “We are ready, starting in January, to meet the coming demand from institutional clients.”
well done to our team @CoinSharesCo – from 2021 in style
our new range of exchange traded products (ETP) will launch tomorrow with $ 200 million in assets under management
Thank you @Vildana to cover the story https://t.co/XoLSLmZVCW
– Demirors Meltem (@Melt_Dem) January 18, 2021
CoinShares Strategy Director, Meltem Demirors, tweeted which ETP will launch with $ 200 million in assets under management, or AUM. According to Bloomberg, the company has around $ 4 billion in assets under management – a 300% increase from 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 Bitcoin Capital Active ETP, an actively managed ETP trading BTC against 14 top altcoins. London-based investment firm ETC Group also launched a Bitcoin ETP on the exchange last week.
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