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CoinShares to Launch a Bitcoin ETP on SIX Swiss Exchange

On Monday, digital asset management firm CoinShares announced that it’s launching an exchange-traded bitcoin product (ETP) on Swiss stock exchange SIX, according to a Bloomberg report.

On Jan. 19, the ETP will go live and will be listed under the ticker BITC. 

According to Coindesk, bitcoin ETPs provide exposure to bitcoin in a regulated asset class. In contrast to the U.S., where regulators have been loathe to sign off on bitcoin ETF applications, there are already several entities offering crypto-backed products across Europe. 

The product’s assets will be custodied by Komainu, a venture which launched about a year ago, involving Nomura Holdings, CoinShares and Ledger. 

BITC will charge a 0.98% expense ratio and will be physically backed by bitcoin.

This past week, digital asset-backed securities developer ETC Group declared that it would list a physically backed bitcoin ETP on SIX.

ETC Group was the 34th ETP provider on the exchange, making CoinShares the 35th.

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