CoinShares to launch new bitcoin ETP on Swiss exchange

The chief strategist at CoinShares says the firm is launching a bitcoin ETP on the Swiss exchange that is backed by $200 million worth of bitcoin.

Digital asset manager CoinShares is launching an exchange-traded bitcoin product (ETP) on the SIX Swiss Exchange.

According to a report from Bloomberg, the bitcoin ETP is set to come out tomorrow on the Swiss exchange under the ticker symbol BITC.

Each ETP will be physically backed by 0.001 bitcoin (BTC). At press time, that’s about $36. The custodian behind the ETP is Komainu. This was set up by CoinShares in partnership with Japanese bank Nomura Holdings and hardware wallet manufacturer Ledger in June 2020.

„A lot of institutional clients have a very strict process in terms of due diligence. We wanted to bring a product to market that meets those standards to meet that demand,“ said Frank Spiteri, CoinShares‘ chief financial officer. „Starting in January, we will be able to meet the demand from institutional clients.“

massive congrats to our team @CoinSharesCo – starting 2021 off with a bang

our newest exchange traded product (ETP) line launches tomorrow w $200M in AUM

thanks @VildanaHajric for covering the storyhttps://t.co/XoLSLmZVCW
– Meltem Demirors (@Melt_Dem) January 18, 2021

CoinShares chief strategist Meltem Demirors tweeted that the ETP will launch with $200 million in assets under management. The firm manages about $4 billion, according to Bloomberg. That’s up 300 percent since last August.

SIX Exchange has significantly expanded its crypto offerings since listing the world’s first ETP three years ago. In July, the exchange launched Bitcoin Capital Active ETP, an actively managed ETP that trades BTC against 14 top altcoins. Last week, London-based investment firm ETC Group also launched a bitcoin ETP on the exchange .

SEC chair: Biden team nominates Gensler

Biden wants to nominate a candidate for SEC chair who has some experience in crypto and blockchain.

President-elect Biden’s team recently unveiled more people it plans to nominate for various positions after Wednesday’s inauguration.

One of the major nominees is Gary Gensler to chair the Securities and Exchange Commission, according to a statement issued by Biden’s transition team on Monday. On Jan. 12, Reuters reported that anonymous sources revealed that Biden was considering nominating Gensler for the position. The Biden team’s statement today confirms the expected nomination.

„Gary Gensler served as Chairman of the U.S. Federal Trade Commission (CFTC) from 2009 to 2014,“ the statement said. Immediately after the financial crisis, Gensler’s tenure at the CFTC saw him enforce the provisions of the then-developed Dodd-Frank Act in commodity markets.

The formal nomination will have to wait until Biden actually takes office. Confirmation by the U.S. Senate is also needed. In January, however, Democrats secured a majority in the Senate through runoff elections in Georgia.

Gensler also taught courses on blockchain and crypto at MIT. Having someone in this position who is knowledgeable about the crypto and blockchain industry could pave the way for sound regulation and guidelines. The SEC has been criticized for its role in regulating the initial coin offering (ICO) market. This market has become much quieter since the Commission treated many ICOs as unregistered public offerings of securities.