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CoinShares to launch $200m Bitcoin ETP on Swiss inventory change

01/19/2021

CoinShares’ CSO says the agency is “beginning 2021 off with a bang” by launching a $200 million physically-backed Bitcoin ETP on Switzerland’s SIX change.

Digital asset supervisor CoinShares is launching a Bitcoin exchange-traded product, or ETP, on the SIX Swiss Alternate.

In line with a report from Bloomberg right this moment, the Bitcoin ETP will go stay on Switzerland’s principal inventory change tomorrow beneath the ticker image BITC.

Every ETP will likely be bodily backed by 0.001 Bitcoin (BTC) — value roughly $36 on the time of publication. The custodian behind the ETP will likely be Komainu, the custodian established by CoinShares in partnership with Japanese financial institution Nomura Holdings and {hardware} pockets producer Ledger throughout June 2020.

“A number of institutional purchasers have a really sturdy due-diligence course of, and we wished to convey to market a best-in-class product to embrace that demand,” mentioned CoinShares’ chief income officer, Frank Spiteri. “We’re prepared, as of January, to embrace the forthcoming demand from institutional purchasers.”

CoinShares chief technique officer, Meltem Demirors, tweeted that the ETP will launch with $200 million in belongings beneath administration, or AUM. In line with Bloomberg, the agency has roughly $4 billion in AUM — a 300% enhance since August of final 12 months.

SIX Alternate has considerably expanded its crypto choices since itemizing the world’s first ETP three years in the past. In July, the change listed the Bitcoin Capital Lively ETP, an actively managed ETP buying and selling BTC in opposition to 14 high altcoins. Final week, London-based funding agency ETC Group additionally launched a Bitcoin ETP on the change .