CoinShare to launch Bitcoin Exchange-Traded Product on Swiss Stock Exchange

CoinShare to launch Bitcoin Exchange-Traded Product on Swiss Stock Exchange

Jersey-based digital assets manager- CoinShares has reportedly unveiled CoinShares Physical Bitcoin- an exchange-traded product (ETP) with each unit supported by on-chain BTC. The product is expected to carry the symbol “BITC”.

In a statement by the company, BITC will be the first product released on the company’s latest institutional-grade platform on January 19, 2021, and will be launched along with assets under management. Moreover, each unit of BITC is powered with 0.001 bitcoin at launch, assuring the investors with passive exposure to bitcoin along with the benefit of an exchange-traded platform.

For the record, BITC is expected to be listed on the Swiss Stock Exchange and comes with a base fee of 0.98%. Since it is being introduced with over USD 100 million in assets under management, CoinShares anticipates that the product meets the corporate and institutional requirements for investment.

Notably, the underlying bitcoin will be directly held by the American digital asset management company and custodied by Komainu- a reliable and controlled institutional digital asset custody provider while accounting firm-Armanino will provide a real-time attestation of the product. CoinShares is also joining hands with third parties to support the product’s liquidity.

According to Townsend Lansing, Head of Product at CoinShares, since the year 2014, the company has built a bridge between the cryptocurrency ecosystem and finance. BITC and its platform speak for the next stage of this evolution.

Recognized as a leader in digital assets across Europe, the firm aims at developing investment solutions that remove the boundaries restricting the institutions from investing in the “future of finance”, he further added.

Seemingly, the launch is taking place in the midst of cryptocurrency gaining widespread recognition globally. As per reports, in 2020, Bitcoin gained 300% and had recently set a record high of over USD 41,000.

Source Credit: https://bitcoinmagazine.com/articles/coinshares-offers-institutional-on-ramp-with-physically-backed-bitcoin-etp