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CoinShares Launches New Bitcoin-Backed Asset

Coinshare
  • CoinShares just launched a new exchange-traded product called BITC.
  • BITC is a physically-backed Bitcoin asset.
  • CoinShares’ new Bitcoin product is available on the SIX Exchange.

CoinShares, a leading digital asset firm based in Europe, just set up a new Bitcoin-backed exchange-traded product (ETP). In particular, the ETP was launched with $200 million in assets under management (AUM).

Moreover, the new Bitcoin product is on SIX Swiss Exchange. SIX is in fact a top market for regulated crypto assets as it has over 100 listed crypto products. The new ETP will trade under the ticker BITC and will charge a 0.98% cost ratio. BITC will also have the merit of being a physically-backed asset. Each BITC unit has a 0.001 Bitcoin backing, a trait that will reassure investors.

According to Frank Spiteri, CoinShares’ Chief Revenue Officer, big investors “have a very strong due-diligence process”. In addition, CoinShares’ XBT product line recently reached a new trading record. CoinShares stated that the line reached over $202 million in trades on the first trading day of 2021.

Spiteri even said,

As wealth managers, private banks, and European institutions look to add Bitcoin to their portfolios, our ETPs are the logical choice. With over seven years of experience in the marketplace, CoinShares is one of the world’s leading digital asset firms with unparalleled experience and expertise.

With Bitcoin prices having gained over 300% in 2020 and reaching a new record high of over $40,000, the digital currency has finally caught the eye of many big investors. Thus CoinShares’ BITC asset is in a good place to ride the current Bitcoin and XBT product-line wave.

Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.