RATE Group | Swiss Stock Exchange SIX Lists Physically-Backed Bitcoin ETP
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Swiss Stock Exchange SIX Lists Physically-Backed Bitcoin ETP

03 Dec Swiss Stock Exchange SIX Lists Physically-Backed Bitcoin ETP

Posted at 12:26h in Bitcoin News by

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Nasdaq-listed WisdomTree has launched a physically-backed Bitcoin exchange-traded product (ETP) to be listed on Switzerland’s principal stock exchange, SIX Swiss Exchange.

In a news release published on Dec. 3, the asset manager revealed that online Swiss bank Swissquote will serve as a custody partner for the product, which is being listed at a total expense ratio of 0.95% under the WBTC ticker.

Bitcoin “not a passing trend”

Targeted at professional and institutional investors, the ETP provides exposure to Bitcoin without the need to store private keys or have a thorough grasp of blockchain financial infrastructure.

The ETP is physically-backed by Bitcoin, meaning that investors in the product have an entitlement to a determined amount of Bitcoin — yet custody is entrusted to an institutional third-party.

As the news release outlines, the ETP tracks the spot price of Bitcoin, with WisdomTree purchasing Bitcoin and creating smaller sized shares, which can then be traded and…

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