Digital asset manager CoinShares is launching an exchange-traded Bitcoin product, or ETP, on the SIX Swiss Exchange.
According to a Bloomberg report today, Bitcoin ETP will go live on Switzerland’s main stock exchange tomorrow under the symbol BITC.
Each ETP will be physically supported by 0.001 Bitcoin (BTC) – worth approximately $ 36 at the time of publication. The custodian behind the ETP will be Komainu, the custodian established by CoinShares in partnership with Japanese bank Nomura Holdings and hardware wallet maker Ledger in June 2020.
“Many institutional clients have a very strong due diligence process and we wanted to bring a first-class product to the market to meet this demand,” said CoinShares chief revenue officer, Frank Spiteri. “We are ready, starting in January, to meet the demand of institutional customers.”
many congratulations to our team @CoinSharesCo – starting 2021 with a bang
our newest line of exchange traded products (ETP) will be launched tomorrow with $ 200 million in AUM
thanks @VildanaHajric to cover the storyhttps: //t.co/XoLSLmZVCW
– Demirors Meltem (@Melt_Dem) January 18, 2021
CoinShares Director of Strategy, Meltem Demirors, tweeted that ETP will launch with $ 200 million in assets under management, or AUM. According to Bloomberg, the company has about $ 4 billion in AUM – an increase of 300% since August last year.
SIX Exchange has significantly expanded its encryption offerings since the listing of the world’s first ETP, three years ago. In July, the exchange listed Bitcoin Capital Active ETP, an ETP trading BTC actively managed against 14 major altcoins. Last week, London-based investment firm ETC Group also launched a Bitcoin ETP on the exchange.