Swiss Inventory Alternate SIX Lists Bodily-Backed Bitcoin ETP
In a information launch printed on Dec. 3, the asset supervisor revealed that on-line Swiss financial institution Swissquote will function a custody companion for the product, which is being listed at a complete expense ratio of 0.95% beneath the WBTC ticker.
Bitcoin “not a passing development”
Focused at skilled and institutional traders, the ETP gives publicity to Bitcoin with out the necessity to retailer non-public keys or have an intensive grasp of blockchain monetary infrastructure.
The ETP is physically-backed by Bitcoin, which means that traders within the product have an entitlement to a decided quantity of Bitcoin — but custody is entrusted to an institutional third-party.
Because the information launch outlines, the ETP tracks the spot value of Bitcoin, with WisdomTree buying Bitcoin and creating smaller sized shares, which may then be traded and redeemed on the SIX trade.
In a press release, Alexis Marinof, head of Europe for WisdomTree, mentioned the corporate has “seen sufficient to consider that digital belongings, like Bitcoin, aren’t a passing development and may play a job in portfolios.”
WisdomTree claims that bringing cryptocurrencies into the ETP construction might present centralization of liquidity for the asset class.