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.
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,
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).
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
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.