CoinShares has launched a Bitcoin-based product on the SIX Swiss Exchange as interest in cryptocurrencies continues to rise.
The Exchange Commercial Product (ETP), dubbed CoinShares Physical Bitcoin, will go live on January 19.
Investors on the Zurich-based Swiss Exchange will be able to participate by registering under the BITC ticker – a simple enough marker to remember for the BTC related product – but should expect to agree to an expense ratio 0.98%.
The underlying currency is USD.
CoinShares is an asset manager based in St. Helier, Jersey. The organization says it believes Bitcoin (BTC), as well as the basic technology behind cryptocurrencies – the blockchain – will “fundamentally reshape the global financial system” and “investors should be able to participate in this transformation. ”
The EPT will “provide investors with passive exposure to Bitcoin and the convenience of an exchange-traded product,” CoinShares said.
The Bitcoin ETP will be physically supported by assets held. In total, the product is launching with approximately $ 200 million in assets under management and 0.001 BTC will support each unit.
CoinShares, Nomura Holdings, and Ledom’s Komainu will act as custodians. CoinShares has also partnered with Authorized Participants and Market Makers to support liquidity in the new offering.
The new investment product is launching at a time when cryptocurrencies are experiencing a surge in demand. BTC recently hit a record high of $ 41,000, and while the crypto asset may be in the midst of a price correction – coming in at just over $ 37,000 at the time of writing – there are other cryptocurrencies including Ethereum (ETH) increases in value.
In other cryptocurrency news this week, Iran has blamed enthusiastic crypto miners for power blackouts throughout the country, affecting areas including the cities of Tehran, Mashhad, and Tabriz.
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