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Amun lists inverse bitcoin ETP on SIX Swiss Exchange

Thu, 23 Jan 2020, 13:25 pm UTC

Swiss fintech firm Amun AG has listed an inverse bitcoin exchange-traded product (ETP) on SIX Swiss Stock Exchange, The Block reported.

Called “21Shares Short Bitcoin ETP," the inverse ETP was launched on Wednesday, January 22, under the ticker symbol “SBTC”. It will allow investors to short bitcoin (BTC), Hany Rashwan, co-founder and CEO of Amun, told the news portal.

According to the product description:

“The 21Shares Short Bitcoin ETP (Ticker: SBTC) seeks to provide a -1x return to the performance of Bitcoin for a single day. This product obtains short exposure through borrowing Bitcoin and simultaneously selling it on an execution platform.”

For instance, when a trader buys $100 worth of BTC, a short position of $100 will be opened. Then, if bitcoin's price falls by 10%, then the SBTC ETP would have a positive return of 10% (minus the costs).

Rashwan explained that the product basically allows traders to “capitalize on negative price movements” by shorting. The inverse ETP is reset at the end of each day and performance is not rolled over to the next day. The product is recommended for shorter holding periods.

Together with SBTC, Amun has launched a total on 11 crypto ETPs, tied to bitcoin, ether, XRP, tezos and others, on stock exchanges to date. Except for SBTC, all the other 10 ETPs are long products.

“We are starting with a simple inverse product, but more product types and strategies are coming,” Rashwan said.

Amun further announced that it is rebranding all its ETPs under the name 21Shares, which refers to bitcoin’s fixed supply of 21 million coins. “We wanted to differentiate traditional financial ETPs from our crypto native products,” said Rashwan.

In November, Amun opened up its crypto ETPs to a wider range of European investors as it listed seven of them on Boerse Stuttgart. Last month, it received approval from the Swedish Financial Supervisory Authority to expand its offerings in the European Union.

Rashwan told The Block that they are planning to list its ETPs on at least two more European exchanges by end of 2020.G

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