A collection of bitcoin tokens.
Photographer: Chris Ratcliffe / Bloomberg
Photographer: Chris Ratcliffe / Bloomberg
CoinShares, a St Helier, Jersey-based asset manager, launches an exchange-traded Bitcoin product amid a fierce rally for the world’s largest digital currency.
CoinShares’ physical Bitcoin product will go live on January 19 and will be listed under the ticker BITC on the SIX Swiss Exchange. It will charge an expense ratio of 0.98%. Komainu, a Ledger, Nomura Holdings Inc. and CoinShares developed company, will serve as custodian.
“Many institutional clients have a very strong due diligence process and we wanted to bring a best-in-class product to market to meet that demand,” said Frank Spiteri, Chief Revenue Officer at CoinShares. “We are ready, from January, to embrace the coming demand from institutional clients.”
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CoinShares, which has approximately $ 4 billion in assets under management, was one of the first to market a crypto product. It launched a regulated Bitcoin investment vehicle in 2015, when the coin traded around $ 400.
BITC will be backed physically meaning it will hold the underlying assets it is designed to track. Each unit of the product is backed with 0.001 Bitcoin.
The launch takes place in the midst of a red-hot rally for the world’s largest cryptocurrency as one a greater number of Wall Street companies are interested in it. Bitcoin gained 300% in 2020 and recently hit an all-time high of over $ 41,000.