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New Bitcoin ETP Launches on Swiss Stock Exchange SIX
The BTCetc bitcoin ETP (BTCE) tracks the price of bitcoin and is physically backed.
A new bitcoin exchange-traded product (ETP) from ETC Group has listed on Swiss stock exchange SIX.
STORY CONTINUES BELOW
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- Announced Wednesday, the BTCetc bitcoin ETP (BTCE) tracks the price of bitcoin and is physically backed, meaning ETC Group actually holds the underlying cryptocurrency.
- ETC Group develops digital asset-backed securities and has two London-based regulated brokers.
- BTCE is marketed and distributed by HANetf, an independent provider of UCITS exchange-traded funds.
- This latest addition to the SIX exchange takes the number of ETP providers to six and the number of ETPs listed to 34, SIX said.
- “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.
- The exchange further reported that turnover in cryptocurrency products reached CHF 1.1 billion ($1.24 billion) in 2020.
Read more: Swiss Exchange Lists World’s First Active Bitcoin ETP
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
