A $ 3 billion digital asset investment trailblazer has just launched an exchange-traded bitcoin product at the center of the cryptocurrency’s wild rally | Currency News Financial and Business News

Bitcoin
  • CoinShares launched a bitcoin product traded on an exchange on January 19 for listing in Switzerland.
  • Each unit of the product will be physically backed by 0.001 Bitcoin.
  • Bitcoin seems to have entered some form of consolidation following a period of high volatility.
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CoinShares, one of the earliest digital asset investment companies, said Tuesday that it had launched an exchange-traded Bitcoin product.

CoinShares Physical Bitcoin Product is expected to be listed on the main Swiss stock exchange under the ticker symbol BITC. The dollar serves as its primary currency.

Each unit will be physically backed with 0.001 bitcoin, offering investors exposure to the cryptocurrency and the benefits of exchange-traded products.

The publisher is Europe’s largest digital asset manager with more than $ 2.9 billion of assets under management. He was among the first to initiate investments in crypto products. US-based Grayscale Investments manages more than $ 20 billion in digital assets.

“Over the past 12 months, we have seen a steady rise in interest and demand for digital assets from our institutional clients, and this platform has been built taking into account their feedback,” said Frank Spiteri, chief revenue officer at CoinShares, in and statement.

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“The physically supported structure is familiar to organizations with extensive experience in trading similar investment vehicles on a commodity basis,” he said.

Last week, ETC Group in Germany listed a similar product traded with the bitcoin exchange with the SIX Swiss stock exchange last week. The exchange now holds 35 such crypto products.

Bitcoin rose 1.3% to $ 37,095 on Tuesday, although it was trading up from $ 40,000 only last week. Ethereum, meanwhile, reached its previous highest ever high of $ 1,439. The crypto-verse is booming again, but analysts say many cryptocurrency traders are now diversifying into other coins in case bitcoin could see another fall if $ 41,500 is not reached soon.

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