CoinShares has launched a Bitcoin-based product on the SIX Swiss Exchange as interest in cryptocurrencies continues to mount.
The Exchange Traded 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 signing up under the ticker BITC — a simple-enough marker to remember for the BTC-related product — but should expect to agree to a 0.98% expense ratio.
Base currency is in USD.
CoinShares is an asset manager located in St. Helier, Jersey. The organization says that it believes Bitcoin (BTC), as well as the underlying 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 says.
The Bitcoin ETP will be physically backed by held assets. In total, the product is launching with approximately $200 million in assets under management and each unit will be backed with 0.001 BTC.
CoinShares, Nomura Holdings, and Ledger’s Komainu will act as custodians. CoinShares has also partnered with Authorised Participants and Market Makers to support liquidity in the new offering.
The new investment product is being launched at a time when cryptocurrencies are experiencing a surge in demand. BTC recently reached a record high of $41,000, and while the crypto asset may be in the midst of price-correction — coming in at just over $37,000 at the time of writing — other cryptocurrencies including Ethereum (ETH) are also rising in value.
In other cryptocurrency news this week, Iran has blamed enthusiastic crypto miners for power blackouts across the country, impacting areas including the cities of Tehran, Mashhad, and Tabriz.
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