A collection of bitcoin chips.
Photographer: Chris Ratcliffe / Bloomberg
Photographer: Chris Ratcliffe / Bloomberg
CoinShares, an asset manager in St. Jersey-based Helier launches a stock-traded Bitcoin product amid a fierce rally for the world’s largest digital currency.
The Bitcoin CoinShares Physical product will be released on January 19 and will be listed under the BITC bit on the SIX Swiss Exchange. He will charge an expense ratio of 0.98%. Komainu, a company developed by Ledger, Nomura Holdings Inc. and CoinShares, will serve as custodian.
“A lot of institutional customers have a very strong due diligence process and we wanted to bring the best quality product to market to meet this demand,” said Frank Spiteri, director of revenue at CoinShares. “We are ready, in January, to accept future demand from institutional customers.”
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CoinShares, which has about $ 4 billion in assets under management, was among the first to launch a cryptographic product. It launched a regulated Bitcoin investment vehicle in 2015, when the currency traded around $ 400.
BITC will be physically supported, which means it will hold the underlying assets it is designed to pursue. Each unit of the product will be supported with 0.001 Bitcoin.
The launch takes place in the middle of a fiery rally for the largest cryptocurrency in the world more Wall Street companies are interested in it. Bitcoin gained 300% in 2020 and recently set a record of over $ 41,000.