CoinShares to Launch Bitcoin ETP on Swiss Stock Exchange

According to Bloomberg, CoinShares, an investment company focusing on digital assets, will be listed on the SIX Swiss Exchange on January 19 under the code "BITC".

BITC is backed by physical Bitcoin, with each unit of the product representing 0.001 Bitcoin. Komainu, a joint venture between Ledger, Nomura Holdings Inc. and CoinShares, will serve as the custodian.

Bitcoin ETPs are securities that track the value of a cryptocurrency. They are similar to stocks in that they are traded on traditional exchanges, rather than on crypto exchanges that operate 24/7. Exchange-traded funds (ETFs) are a type of ETP.

CoinShares, which manages about $4 billion in assets, was one of the earliest companies to launch crypto products, launching a regulated bitcoin investment vehicle in 2015 when the digital currency was trading around $400.

CoinShares already has a separate set of ETPs through its subsidiary XBT Provider. XBT Provider’s Ether Tracker One and Bitcoin Tracker One are listed on the Nasdaq Stockholm exchange.

As of January 4, 2021, XBT Provider reported AUM of $2.9 billion.

“Many institutional clients have very rigorous evaluation processes and we want to bring best-in-class products to market to meet their needs,” said Frank Spiteri, chief revenue officer at CoinShares.

The world's largest cryptocurrency has surged as more Wall Street firms have taken an interest. Bitcoin has risen 300% in 2020 and recently hit a record high of more than $42,000.

Image source: CoinShares

byAmy Liu

This article comes from Bitpush.News. Reprinting must indicate the source.