Digital asset management firm CoinShares announced Monday 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 that 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 it would list a physically backed bitcoin ETP on SIX.
- ETC Group was the 34th ETP provider on the exchange, making CoinShares the 35th.
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