A collection of bitcoin tokens.
Photographer: Chris Ratcliffe / Bloomberg
Photographer: Chris Ratcliffe / Bloomberg
CoinShares, an asset manager based in St. Helier, Jersey, is launching an exchange-traded Bitcoin product amid a sharp rise in the world’s largest digital currency.
The CoinShares Physical Bitcoin product will go live on January 19th and will be listed under the BITC ticker on the SIX Swiss Exchange. It will charge an expense ratio of 0.98%. Komainu, a venture developed by Ledger, Nomura Holdings Inc. and CoinShares, will serve as custodian.
“Many institutional clients have a very strong due diligence process, and we wanted to bring the best product in the class to the market to meet this demand,” said Frank Spiteri, chief revenue officer at CoinShares. “We are ready, starting in January, to meet the demand of institutional customers.”
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CoinShares, which has about $ 4 billion in assets under management, was one of the first to launch a cryptographic product. It launched a regulated Bitcoin investment vehicle in 2015, when the currency traded around $ 400.
BITC will have physical support, which means that it will contain the underlying assets that it was designed to track. Each product unit will be supported with 0.001 Bitcoin.
The launch is happening amid a sharp rise for the world’s largest cryptocurrency as a more Wall Street companies are interested in it. Bitcoin gained 300% in 2020 and recently set a record of more than $ 41,000.