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.”
massive congrats to our team @CoinSharesCo – starting 2021 off with a bang
our newest exchange traded product (ETP) line launches tomorrow w $200M in AUM
— Meltem Demirors (@Melt_Dem) January 18, 2021
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 .
Source: Cointelegraph News Colony | Business News