CoinShares launches a Bitcoin ETP fund on one of the largest Swiss exchanges
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Answer CoinShares launches a Bitcoin ETP fund on one of the largest Swiss exchanges
CoinShares, a UK-based investment asset management company, has announced the launch of a new bitcoin trading product, the ETP investment fund, where each unit in the fund will be backed by 0.001 bitcoin.
The fund is a joint venture developed by CoinShares, Nomura Holdings Inc and Ledger.
According to the report BloombergThe latest Bitcoin-related product from CoinShares will be launched today, January 19, 2021.
The investment fund from the company “CoinShares” bears the name “BITC”, and as we mentioned, this fund will use the bitcoin currency and will be listed on the main Swiss “Six” exchange.
In addition, the ETP will have an expense ratio of 0.98%.
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It told CoinShares that it will hold the underlying cryptocurrency as a reserve to provide an ETP that is fully backed by bitcoin.
For each unit of the fund, the custodian will hold 0.001 BTC.
In addition to CoinShares, Komainu will act as custodian of the new ETP.
Komainu, which was developed and launched by Ledger, CoinShares and Nomura Holdings last year, provides regulatory compliance and insurance services to institutional investors for their crypto holdings.
Frank Spitteri, Director of Revenue at CoinShares, said:
We wanted to bring a best-in-class product to the market to accommodate institutional demand.
We are ready, starting in January, to embrace the incoming demand from institutional clients to invest in Bitcoin.
Meltem Dommers, head of strategy at CoinShares, commented on Twitter and indicated that the fund will start with $200 million.
Big congratulations to our team Tweet embed – Starting in 2021 with 🧨 bang 🧨
The latest exchange-traded product (ETP) line will launch tomorrow with $200 million on AUM
Thanks Tweet embed to cover the story
Read:El Salvador buys dip and adds 100 Bitcoin to its treasury
– Melt-Dem (@Melt_Dem) Jan 18 2021
The launch of the new fund is happening in the midst of Bitcoin’s surge above the $37,000 level.
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