CoinShares to launch $200m Bitcoin ETP on Swiss stock exchange

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The digital asset manager CoinShares is launching an exchange-traded Bitcoin product (ETP) on the SIX Swiss Exchange.

According to a report from Bloomberg today, the Bitcoin ETP will go live tomorrow on the main Swiss exchange under the ticker symbol BITC.

Each ETP is physically backed by 0.001 Bitcoin (BTC) – worth approximately $ 36 at the time of publication. The custodian behind the ETP will be Komainu, which was founded by CoinShares in collaboration with Japanese bank Nomura Holdings and hardware wallet maker Ledger in June 2020.

“Many institutional clients have a very strong due diligence process and we wanted to bring a best-in-class product to market to meet that demand,” said Frank Spiteri, CoinShares chief revenue officer. “As of January, we will be ready to accommodate the upcoming demand from institutional clients.”

Congratulations to our team @CoinSharesCo – with a bang from 2021

Our newest ETP (Exchange Traded Product) line launches tomorrow with an AUM of $ 200M

thanks @VildanaHajric for reporting the story: //t.co/XoLSLmZVCW

– Meltem Demirors (@Melt_Dem) January 18, 2021

CoinShares chief strategy officer, Meltem Demirors, tweeted that the ETP will launch with $ 200 million in assets under management (AUM). The company has around $ 4 billion in AUM, according to Bloomberg – a 300% increase since August last year.

SIX Exchange has significantly expanded its crypto offering since the world’s first ETP was listed three years ago. In July, the exchange listed the Bitcoin Capital Active ETP, an actively managed ETP that trades BTC for 14 top altcoins. Last week, London-based investment firm ETC Group also launched a Bitcoin ETP on the exchange.