CoinShares launches physically-backed Bitcoin ETP and eyes seven further crypto launches

$100m seeding level meets requirement

James Baxter-Derrington
CoinShares plans to launch a further seven crypto ETPs in addition to its Bitcoin offering

CoinShares plans to launch a further seven crypto ETPs in addition to its Bitcoin offering

CoinShares has launched a physically-backed Bitcoin ETP, the first of a full suite of eight digital securities the firm hopes to bring to market.

The CoinShares Physical Bitcoin ETP (BITC) comes to market with assets under management in excess of $100m, allowing the product to be considered by institutional investors. Each unit of BITC is backed by 0.001 Bitcoin at launch and the ETP is listed on Swiss exchange SIX, with a management fee of 0.98%. Seeing both sides of the same coin: Wealth managers split on Bitcoin amid growing adoption and wild price swings The secured wallets required to hold Bitcoin will be maintained by custodian Komainu, a joint venture between CoinShares, Ledger and Nomura, which has established two se...

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