Author:
The cryptocurrency asset manager announced the release of a new Bitcoin exchange-traded product (ETP), in which every unit will be backed by 0.001 BTC. The custodian will be a joint venture developed by CoinShares, Nomura Holdings Inc, and Ledger.
- According to a Bloomberg report, CoinShares’ newest Bitcoin-related product will go live today – January 19th, 2021. It will use the BITC ticker and will be listed on Switzerland’s principal stock exchange – Six Swiss Exchange. Additionally, the ETP will charge a 0.98% expense ratio.
- The company said that it will hold the underlying asset to provide a fully-backed Bitcoin ETP. For every unit of the product, the custodian will hold 0.001 BTC.
- Komainu will serve as the ETP’s custodian. Developed and launched by Ledger, CoinShares, and Nomura Holdings last year, Komainu also provides regulatory compliance and insurance services to institutional investors for their crypto holdings.
-
“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. We are ready, as of January, to embrace the forthcoming demand from institutional clients.” – said CoinShares’ Chief Revenue Officer, Frank Spiteri.
- The company’s Chief Strategy Officer, Meltem Demirors, also commented on Twitter the product release and noted that it will start with $200 million in AUM.
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
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
