CoinShares to Launch a Bitcoin ETP on SIX Swiss Exchange

flag-4605660_1920
18 January 2021

Digital asset management firm CoinShares announced Monday that it’s launching an exchange-traded bitcoin product (ETP) on Swiss stock exchange SIX, according to a Bloomberg report.

  • The ETP will go live on Jan. 19 and will be listed under the ticker BITC.
  • Bitcoin ETPs provide exposure to bitcoin in a regulated asset class. In contrast to the U.S., where regulators have been loathe to sign off on bitcoin ETF applications, there are already several entities offering crypto-backed products across Europe.
  • The product’s assets will be custodied by Komainu, a venture which launched about a year ago, involving Nomura Holdings, CoinShares and Ledger.
  • BITC will charge a 0.98% expense ratio and will be physically backed by bitcoin.
  • Just last week, digital asset-backed securities developer ETC Group announced that it would list a physically backed bitcoin ETP on SIX.
  • ETC Group was the 34th ETP provider on the exchange, making CoinShares the 35th.

Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.