CoinShares Bitcoin ETP Launch on SIX Swiss Exchange

CoinShares Unveils Bitcoin ETP

Digital asset manager CoinShares is making waves in the financial pond by launching a Bitcoin exchange-traded product (ETP) on the illustrious SIX Swiss Exchange tomorrow. Spot this shiny new ticker symbol: BITC. What’s noteworthy? Each ETP is underpinned by a cool 0.001 Bitcoin (BTC), currently valued at around $36. So, if you’ve ever wanted a piece of the Bitcoin pie, this could be your moment!

Backing it Up: Custodians at the Helm

One notable player in this saga is Komainu, the custodian brainchild of CoinShares, partnered with the well-known Japanese bank Nomura Holdings and the hardware wallet giant Ledger, born in June 2020. This partnership adds a layer of credibility, crucial for the institutional investors who often take a hard pass on half-baked schemes.

Frank Spiteri Speaks

Frank Spiteri, CoinShares’ chief revenue officer, shared some insights:

“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.”

This emphasis on quality is like a gluten-free label for your financial diet—always a plus in crypto’s notorious wild west.

Strong Start for the New ETP

The launch is buzzing with excitement, boasting an impressive $200 million in assets under management (AUM) straight out of the gate, according to Meltem Demirors, chief strategy officer at CoinShares. With the firm amassing about $4 billion in AUM—a staggering 300% increase from just last August—the enthusiasm is palpable. It’s like Bitcoin’s version of a glow-up story.

The SIX Swiss Exchange’s Crypto Adventure

The SIX Exchange isn’t just dipping its toes in the crypto waters, it’s diving headfirst! Since launching the world’s first Bitcoin ETP three years ago, the exchange has ramped up its crypto offerings significantly. For instance, in July, they introduced the Bitcoin Capital Active ETP, an actively managed ETP that pairs BTC against 14 top altcoins. And just last week, the London-based ETC Group did a mic drop with its own Bitcoin ETP on the exchange. Talk about a crypto renaissance!