CoinShares, the digital asset manager, is launching a Bitcoin exchange-traded product (ETP) on the SIX Swiss Exchange.
It has been reported that the Bitcoin ETP is going LIVE on Switzerland’s principal stock exchange today under the ticker symbol BITC.
However, each ETP is physically backed by 0.001 Bitcoin (BTC), worth around $36. 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.
Looks like @Grayscale has some new competition to deal with. @CoinSharesCo is launching a Bitcoin ETP on a Swiss exchange to satisfy institutional investors' desire. Who needs a Bitcoin ETF anyway? https://t.co/fOss9DrMHn — Cointelegraph (@Cointelegraph) January 19, 2021
Frank Spiteri, the Chief Revenue Officer of CoinShares, 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.”
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 thanks @VildanaHajric for covering the storyhttps://t.co/XoLSLmZVCW — Meltem Demirors (@Melt_Dem) January 18, 2021
Likewise, Meltem Demirors, the Chief Strategy Officer of CoinShares, said that the ETP will launch with $200 million in assets under management (AUM).
Thus, according to Bloomberg, the firm has around $4 billion in AUM, a 300% increase since August of last year.
Source: Cointelegraph
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