CoinShares’ Bitcoin ETP to Get Listed Today on Swiss Stock Exchange

Cryptocurrency manager CoinShares has rolled out a Bitcoin based exchange-traded product (ETP) on the SIX Swiss Exchange. As per a report published by Bloomberg, the Bitcoin ETP, carrying ticker BITC, will begin trading on Switzerland’s principal stock exchange today.

Every unit of ETP is pegged to 0.001 Bitcoin (BTC), worth about $35 at the time of writing this article. Komainu is acting as the custodian of the Bitcoin that backs the ETP.

Interestingly, Komainu was set up by CoinShares in collaboration with Japan’s Nomura Holdings and manufacturer of hardware wallet Ledger during June 2020.

Frank Spiteri, 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.”

Meltem Demirors, chief strategy officer of CoinShares, tweeted that the ETP will have $200 million assets under management (AUM) at the time of roll out. As per Bloomberg, the company has about $4 billion in AUM, a 300% rise since August 2019.

SIX Exchange has considerably increased its cryptocurrency offerings following the listing of the world’s initial ETP three years back. Back in July, the exchange successfully listed the Bitcoin Capital Active ETP, a proactively administered ETP that trades Bitcoin against 14 major altcoins. A week back, London-headquartered investment company ETC Group also listed a Bitcoin ETP on the SIX Exchange.