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WisdomTree, a New York-based asset management company, has announced the launch of its first crypto exchange-traded product (ETP) on SIX, the Swiss Stock Exchange.
The WisdomTree Bitcoin ETP has been listed on SIX under the ticker symbol ‘BTCW.’ It is a physically-backed Bitcoin ETP, meaning that it will be settled in bitcoin.
The company said that the product will provide investors with “a simple, secure and cost-efficient way to gain exposure to Bitcoin while utilizing the best of traditional financial infrastructure and product structuring.” It will give investors exposure to the cryptocurrency without the need to hold it directly.
Importantly, investors in the bitcoin ETP will have an entitlement to an amount of bitcoin and will be able to view each share’s coin entitlement and the total amount of bitcoins secured in custody, corresponding to the total coin entitlement. WisdomTree said that it employs institutional-grade digital currency custodians who maintain highly secure cold storage facilities.
“We have been monitoring cryptocurrencies for some time and are excited to bring investors secure access to this developing asset class. We have seen enough to believe that digital assets, like Bitcoin, are not a passing trend and can play a role in portfolios,” Alexis Marinof, Head of Europe, WisdomTree, said.
“The introduction of cryptocurrencies in an ETP structure will enable investors to find new ways to introduce digital assets into portfolios while still relying on the safety and security that they have come to expect from WisdomTree.”
WisdomTree said that it is currently targeting only professional investors with its new product.
Underscoring the transformative potential of blockchain technology and digital currencies the asset management industry, Jonathan Steinberg, CEO, WisdomTree, said:
“Much like how the ETP structure has out-shined the antiquated mutual fund structure in significant ways, blockchain and cryptocurrencies have the potential to change how investors participate in financial markets, globally.”
WisdomTree’s new product is set to compete with Amun Bitcoin (ABTC) ETP, which went live on SIX in February this year. Fintech firm Amun has listed a total of nine ETPs on SIX to date. Last month, it opened up its crypto ETPs to a wider range of European investors with the listing of seven of these on Boerse Stuttgart.
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