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CoinShares to Launch a Bitcoin ETP on SIX Swiss Exchange
It joins several other ETP providers on the exchange, including ETC Group, with its own physically backed bitcoin product.
Digital asset management firm CoinShares announced Monday it’s launching an exchange-traded bitcoin product (ETP) on Swiss stock exchange SIX, according to a Bloomberg report.
STORY CONTINUES BELOW
- The ETP will go live on Jan. 19 and will be listed under the ticker BITC.
- Bitcoin ETPs provide exposure to bitcoin in a regulated asset class. In contrast to the U.S., where regulators have been loathe to sign off on bitcoin ETF applications, there are already several entities offering crypto-backed products across Europe.
- The product’s assets will be custodied by Komainu, a venture that launched about a year ago involving Nomura Holdings, CoinShares and Ledger.
- BITC will charge a 0.98% expense ratio and will be physically backed by bitcoin.
- Just last week, digital asset-backed securities developer ETC Group announced it would list a physically backed bitcoin ETP on SIX.
- ETC Group was the 34th ETP provider on the exchange, making CoinShares the 35th.
Read more: New Bitcoin ETP Launches on Swiss Stock Exchange SIX
