Digital asset manager CoinShares is launching a Bitcoin exchange-traded product, or ETP, on the SIX Swiss Exchange.
According to a Bloomberg report today, the Bitcoin ETP will go under the symbol BITC on Switzerland’s most important stock exchange tomorrow.
Each ETP will be physically supported by 0.001 Bitcoin (BTC) – about $ 36 at the time of publication. The custodian behind the ETP is Komainu, the custodian founded by CoinShares in June 2020 in partnership with Japanese bank Nomura Holdings and hardware wallet maker Ledger.
“Many institutional clients have a very strong due diligence process, and we wanted to bring a best-in-class product to market to meet demand,” said CoinShares chief executive officer Frank Spiteri. “We are ready to accept the upcoming demand from institutional clients from January.”
congratulations to our team @CoinSharesCo – start 2021 with a bang
our latest exchange traded product (ETP) starts tomorrow $ 200 million in AUM
thank you @VildanaHajric to cover the story https://t.co/XoLSLmZVCW
– Meltem Demirors (@Melt_Dem) 18 January 2021
CoinShares Chief Strategy Officer, Meltem Demirors, tweeted that the ETP will start with $ 200 million in assets under management, or AUM. According to Bloomberg, the firm AUM has about $ 4 billion – a 300% increase since August last year.
SIX Exchange has significantly expanded its crypto offering since listing the world’s first ETP three years ago. In July, the exchange listed the Bitcoin Capital Active ETP, an actively managed ETP trading BTC at 14 top altcoins. Last week, London-based investment firm ETC Group also launched a Bitcoin ETP on the stock exchange.