Europe's largest digital asset manager releases new Bitcoin ETP

news short blog Jan 20, 2021

Europe's largest digital asset manager with nearly $3 billion in assets under management (AUM) just launched its bitcoin ETP* on January 19, 2021. Each unit of the ETP will be backed by 0.001 Bitcoin. The firm, CoinShares, will list it on Switzerland's main stock exchange with the ticker: BITC. This is a huge step forward in rivaling the US-headquartered Grayscale Investments that has over $20 billion in digital assets. The fund will initially have $200 million with a base fee of 0.98% as compared to Grayscale® Bitcoin Trust 2% fee.

 

*ETPs are exchange traded products that are similar to mutual funds but can be traded like stocks with prices constantly fluctuating. Mutual funds, on the other hand, only trade once a day after the market closes. Moreover, all ETFs are considered ETPs but not vice-versa as ETPs do not have to be as diversified as ETFs.

BITC Factsheet here.

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