Coinshares set to launch BTC Exchange Traded Product (ETP) on SIX Swiss Exchange

The investment company Is now planning to launch its first ETP on SIX, the leading Swiss Exchange, starting with $200 million. The launch will make Bitcoin ETP tradeable on the Swiss Exchange. According to the company’s head, the firm is notable for its investments in cryptocurrencies and will soon launch an ETP. CoinShares has engaged Koimanu as the institutional custodian of the ETP. However, all investors must pay about 0.98 percent of their holding as charges. But thankfully, they are not going to be the custodians of the cryptos themselves.

The ETP to kick off with $200 million

XBT Provider, which is worth $3 billion in assets, is the subsidiary. XBT Provider and Bitcoin tracker are both traded on the Nasdaq Stockholm exchange. The company’s strategy director also confirmed the $200 million launch from its $4 billion assets under management, which have risen three times since 2020.

The ETP will kick off with $200 million as the company expects that the value will increase as the Bitcoin price surges. A week ago, BTC rose by 12%, rising by 20% since November. The price now settles above $35,000 as of January 19. The new ETP can be traded in 4 different currencies. A total of 22 are now available for investors to choose from. ETP issuers are currently 7 in number after another issuer, ETC Group, joined earlier January this year.

A Bitcoin ETP refers to a security system that determines cryptos’ prices. ETP can be compared to traditional stocks traded on a conventional exchange that closes at a particular time against a crypto exchange that trades uninterruptedly for seven days.

In a tweet posted by the firm’s Fran Spiteri, institutional investors are very diligent in their investment choice. Hence, the company’s reason to offer them first-class products that will surpass their expectations. He concluded that in January this year, they will start offering institutional clients their preferred products.

More ETP to be listed in the nearest future

Earlier this year, SIX had already listed an ETP issuer. This is now the 2nd to join this year. The physical ETP ensures that investors are exposed to Bitcoin and enjoy the opportunities offered by ETPs.

In a remark made by the Head of the SIX Swiss Exchange, Christian Reuss noted that the rate at which new investors enter the Bitcoin market keeps increasing. SIX ensures that investors enjoy transparency, equity, and liquidity that are some of the Swiss Exchange’s significant features. The official gave a warm welcome to Coinshares for joining SIX as a leading issuer.

Data about crypto products traded on SIX indicate that there is robust growth. For example, the Swiss Franc 381 witnessed an unprecedented trade record in the early days of the year since it started its operations five years ago. Such figures underscore the fact that SIX is the top market exchange for crypto products.

SIX has considerably extended crypto products in its exchange after listing the first ETP. Last year witnessed the listing of Bitcoin Capital Active. This year has also seen another listing.

Earlier, Amun AG’s ETP BCH had been added. Then, both CEOs of BTC and BCH lauded the listing of Amun as they expressed their optimism that the company would bring its professionalism to be bare to ensure BCH Is used in every nook and cranny of the world.

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