The SIX Swiss Exchange, Switzerland’s largest stock exchange, has added a bitcoin-based exchange-traded product from digital-asset manager CoinShares to its list of tradable instruments.
massive congrats to our team @CoinSharesCo — starting 2021 off with a 🧨 bang 🧨
our newest exchange traded product (ETP) line launches tomorrow w $200M in AUM
thanks @VildanaHajric for covering the storyhttps://t.co/XoLSLmZVCW
— Meltem Demirors (@Melt_Dem) January 18, 2021
The instrument carries the ticker BITC. Its hallmark is physical backing of 0.001 bitcoin ($36.5 at the time of writing).
The custodian of the cryptocurrency is the Komainu platform, launched by CoinShares in partnership with the Japanese financial holding company Nomura and hardware-wallet maker Ledger.
“Many institutions require thorough legal scrutiny. We aimed to bring to market the best-in-class product to meet these requirements,” said CoinShares Chief Commercial Officer Frank Spiteri.
[simple_tooltip content=’the expense ratio (the costs associated with managing an investment fund, deducted from investors’ returns)’]Expense ratio[/simple_tooltip] on the bitcoin ETP is 0.98%.
According to CoinShares’ Chief Growth Officer Meltem Demirors, assets under management for the bitcoin ETP stand at $200 million.
According to Bloomberg, the firm manages $4 billion of client assets, quadrupling the figure since August 2020.
Earlier in December, Demirors said that times have changed, and now the absence of bitcoin in a portfolio could jeopardize a fund manager’s career.
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