Coinshares will launch a Bitcoin ETP on a stock exchange in Switzerland

CoinShares, a digital asset manager will launch a physically-backed Bitcoin ETP on Switzerland’s SIX stock exchange.

Bloomberg reports that the $200 million Bitcoin exchange traded fund or ETP will go live on the SIX stock exchange tomorrow with the ticker BITC.

See Also: Uniswap founder ask for advice on how to spend $500 million in the treasury 

Komaimu will be the custodian behind the Bitcoin ETP. This custodian was established based on a partnership with Ledger and Japanese Bank Nomura Holdings in June 2020.

More details reveals that each ETP will be physically backed by 0.001 BTC that’s about $37 as at the time of publishing this article.

CoinShares’ chief revenue officer, Frank Spiteri, said:

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,

Spiteri added:

We are ready, as of January, to embrace the forthcoming demand from institutional clients.

Meltem Demirors, CoinShares chief strategy officer has said the firm is “starting 2021 off with a bang” with the launching of a Bitcoin ETP on SIX stock exchange. The Bitcoin ETP will launch with $200 million in assets under management (AUM).

Switzerland’s SIX stock exchange in July last year listed the Bitcoin Capital Active ETP. Last week the firm also launched a Bitcoin ETP by a London-based investment firm ETC Group. The stock exchange has continued to expand its cryptocurrency offerings since listing the world’s first ETP in 2019.