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.
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