CoinShares, the digital asset manager, is launching a Bitcoin exchange-traded product (ETP) on the SIX Swiss Exchange.
It has been reported that the Bitcoin ETP is going LIVE on Switzerland’s principal stock exchange today under the ticker symbol BITC.
However, each ETP is physically backed by 0.001 Bitcoin (BTC), worth around $36. The custodian behind the ETP will be Komainu, the custodian established by CoinShares in partnership with Japanese bank Nomura Holdings and hardware wallet manufacturer Ledger during June 2020.
Frank Spiteri, the Chief Revenue Officer of CoinShares, said:
“A lot of institutional clients have a very strong due-diligence process, and we wanted to bring to market a best-in-class product to embrace that demand. We are ready, as of January, to embrace the forthcoming demand from institutional clients.”
Likewise, Meltem Demirors, the Chief Strategy Officer of CoinShares, said that the ETP will launch with $200 million in assets under management (AUM).
Thus, according to Bloomberg, the firm has around $4 billion in AUM, a 300% increase since August of last year.
Source: Cointelegraph
Disclaimer
Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.
Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.
We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.
