CoinShares Launches Physically Backed Bitcoin ETP on SIX


Crypto-asset management company CoinShares is launching a Bitcoin-backed exchange-traded product (ETP) on the SIX Swiss Stock Exchange.

January 19, 2021 | AtoZ Markets – The largest Swiss stock exchange, the SIX Swiss Exchange, has added an exchange-traded Bitcoin product from digital asset management company CoinShares to the list of traded instruments.

The instrument has received the ticker BITC. Its feature is the physical backing of 0.001 bitcoin ($36.5 at the time of writing).

The custodian of the cryptocurrency is the Komainu platform , launched by CoinShares in partnership with Japanese financial holding Nomura and hardware wallet maker Ledger.

“Many institutional clients have a very strict due diligence process and we wanted to bring a best-in-class product to market to meet this demand,” said Frank Spiteri, director of profit at CoinShares. “From January we are ready to meet the demand from institutional clients,” said Frank Spiteri, Chief Commercial Officer of CoinShares.

CoinShares’ Bitcoin-ETP Under Management Worth $200 million

According to CoinShares Development Director Meltem Demirors, the volume of assets under Bitcoin-ETP management is $200 million.

The company manages $4 billion in client funds, according to Bloomberg, quadrupled since August 2020.

Earlier, ETPs for Bitcoin and other crypto assets have already been launched on the SIX Swiss Stock Exchange. In December 2019, WisdomTree launched a Bitcoin-backed ETP on the SIX.

Also in 2019, an  ETP for the BNB token was launched on the SIX, and later the ETP was listed for bitcoin and ether. By this time, ETPs from Amun AG had already been presented on the exchange, based on  Bitcoin , Litecoin, Bitcoin Cash,  Ether ,  Ripple  and two  composite  products .

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