Swiss Stock Exchange SIX Lists Physically-Backed Bitcoin ETP
Marie Huillet's original article for cointelegraph.com reduced by 47%
Nasdaq-listed WisdomTree has launched a physically-backed Bitcoin exchange-traded product to be listed on Switzerland's principal stock exchange, SIX Swiss Exchange. Targeted at professional and institutional investors, the ETP provides exposure to Bitcoin without the need to store private keys or have a thorough grasp of blockchain financial infrastructure. The ETP is physically-backed by Bitcoin, meaning that investors in the product have an entitlement to a determined amount of Bitcoin - yet custody is entrusted to an institutional third-party.
As the news release outlines, the ETP tracks the spot price of Bitcoin, with WisdomTree purchasing Bitcoin and creating smaller sized shares, which can then be traded and redeemed on the SIX exchange. In a statement, Alexis Marinof, head of Europe for WisdomTree, said the company has "Seen enough to believe that digital assets, like Bitcoin, are not a passing trend and can play a role in portfolios." As previously reported, SIX listed a pioneering multi-crypto-based exchange-traded product back in November 2018, which tracks five major digital assets. The exchange has since continued to support a range of crypto financial vehicles, including a new Bitcoin and Ether ETP from fintech firm Amun this fall.
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