New bitcoin ETP launches on Swiss Stock Exchange backed by Gemini Trust

13 Jan, 2021 02:34
source: Singularity Financial

Singularity Financial Hong Kong January 13, 2021 – A new, physically backed bitcoin exchange-traded product (ETP) has hit the SIX stock exchange in Switzerland. Developed by ETC Group and the 34th bitcoin ETP on SIX, which last week reached USD500 million in assets under management (AuM), will list on the Swiss stock exchange, SIX, on Wednesday 13 January 2021.  Meanwhile, the Winklevoss-owned Gemini Trust company is backing the latest bitcoin exchange-traded fund (ETF) application filed in Canada.

Announced Wednesday, the BTCetc bitcoin ETP (BTCE) tracks the price of bitcoin and is physically backed. meaning Group actually holds the underlying cryptocurrency.

This will be the ETP’s second listing, after it listed on Deutsche Börse’s XETRA platform in June 2020, where it has been the most traded product on its ETN segment1. The BTCE listing will trade in three currencies: US Dollars (USD), Swiss Francs (CHF) and British Pounds (GBP) on SIX.

BTCE is marketed and distributed by HANetf, an independent provider of UCITS exchange-traded funds.

“With the new product, investors gain access to 100 different crypto products trading on our platform and with this have even more opportunities to diversify their portfolio,” according to Christian Reuss, head of markets at SIX Swiss Exchange.

Bradley Duke, CEO of ETC Group, says: “BTCE enjoyed incredible growth in 2020, with the value of bitcoin increasing by 316 per cent. Past performance is no guarantee of future performance. BTCetc Bitcoin Exchange Traded Crypto – (BTCE) brings to the world of Bitcoin the transparency and investor protection that regulators and institutional investors require, and we are very excited to be listing in Switzerland, which is one of the most advanced markets for digital and crypto assets anywhere in the world.”