WisdomTree launches bitcoin ETP – ETF Stream

WisdomTree has become the first established ETF provider to enter the cryptocurrency space with the launch of a bitcoin exchange-traded product (ETP).

The WisdomTree Bitcoin ETP (BTCW) is listed on the SIX Swiss Exchange with a total expense ratio (TER) of 0.95%, the cheapest crypto ETP on the market.

The firm said the reason for listing in Switzerland is the regulatory requirements for cryptocurrencies are more favourable than other exchanges in Europe.

WisdomTree is targeting professional investors with this product, however, added this will change if further regulatory barriers are hurdled.

BTCW will enable investors to access bitcoin without the need to hold the cryptocurrency directly, store private access keys or interact with the blockchain infrastructure.

The ETP is physically-backed meaning WisdomTree has purchased bitcoins and created smaller sized shares which can be traded on exchange.

The bitcoins are held by digital asset custodians who maintain cold storage…