Digital asset management firm CoinShares announced Monday that it’s launching an exchange-traded bitcoin product (ETP) on Swiss stock exchange SIX. It joins several other ETP providers on the exchange, including ETC Group, with its own physically backed bitcoin product.
- ETC Group was the 34th ETP provider on the exchange, making CoinShares the 35th.
- On Jan. 19, The ETP will go live and will be listed under the ticker BITC.
- Bitcoin ETPs provide exposure to bitcoin in a regulated asset class.
- 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.
- Digital asset-backed securities developer ETC Group announced that it would list a physically backed bitcoin ETP on SIX.