Bitcoin [BTC] has put the crypto industry on the top with its price change. The asset quadrupled and has insinuated a series of adoption. To facilitate and aid the growth of the king coin, several platforms have been onboarding new products as well as services. CoinShares, an asset manager based in the US was seen elevating the market with its latest venture.
Bitcoin ETP To Go Live On Swiss Stock Exchange
Bitcoin lovers were rejoicing as the king coin was seemingly making its way back to $40K. At the time of writing, BTC was trading for $37,331 with a 4.34% surge in the last 24-hours. The latest news about CoinShares launching a Bitcoin exchange-traded product [ETP], was a cherry on top. The asset manager affirmed that the Bitcoin ETP would go live on 19 January 2021 on the SIX Swiss Exchange. The product will reportedly be listed under BITC.
Speaking about CoinShares latest addition, Frank Spiteri, the Chief Revenue Officer of the company 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.”
The custodians for this were reported to be, Coinshares, Ledger’s Komainu along with Nomura Holdings Inc. Furthermore, an expense ratio of 0.98% is said to be charged.
Several other platforms including the latest ETC Group of London rolled out a Bitcoin ETP on the Swiss Exchange.
Meltem Demirors, the Chief Strategy Officer at CoinShares shared a tweet congratulating the firm. In the tweet, she also revealed that the ETP was going to roll out with $200 million in AUM [assets under management]. Her tweet read,
“massive congrats to our [email protected] starting 2021 off with a bang […] our newest exchange traded product (ETP) line launches tomorrow w $200M in AUM”