$60B Asset Manager WisdomTree, Launches Bitcoin ETP On Swiss-Based SIX Stock Exchange

Traditional asset management company WisdomTree introduces a physically-backed BTC exchange-traded product (ETP) using the ticker BTCW.

WisdomTree, the Nasdaq listed company has introduced a physically-backed BTC ETP that will trade on SIX, a principal stock exchange in Switzerland. The asset manager released a news report on 3rd December where it noted that Swissquote, the online Swiss bank would be serving as the custodial partner for its exchange-traded product (ETP).

The report went on to state that this product was being listed by the bank at a 0.95% expense ratio. It is expected that the product will start trading using the WBC ticker.

BTC No Longer a Temporary Drift

This exchange-traded product is primarily targeting both institutional and professional investors. The ETP will be providing exposure to BTC without requiring its holders to have a good understanding of how blockchain financial infrastructure works or even a need for crypto holders to hold onto private keys.

The exchange-traded product has been physically-backed by BTC. This means that any companies and institutions that will invest in it will be entitled to a given amount of BTC—despite the fact that its guardianship will be assigned to an influential third party.

Bitcoin Spot Prices and Market Maker

As was outlined in the news report, the exchange-traded product will be tracking Bitcoin’s spot price. WisdomTree will then purchase the crypto and proceed to come up with smaller shares. Once created, these shares can either be redeemed or traded on the SIX Exchange.

Alexis Marinof, WisdomTree’s head of Europe Operations released a statement where he stated that:

“WisdomTree had been following the performance of various crypto assets such as BTC and were now convinced that the assets were here to stay. They could, therefore, play a crucial role in its portfolio which has more than $60 billion in customer assets. “

Flow Traders is expected to act as the market maker for this ETP as Swissquote acts as its official custodian.

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Daniel W
Daniel W
Daniel Wambugu writes daily cryptocurrency and blockchain related articles BitcoinExchangeGuide. His articles have appeared in numerous blogs, media publications, and community forums. He prides himself on once being a beginner and uses his experience to deliver high-quality insightful content for our dear readers. With a knack for reviewing ICOs or researching news, Daniel plans to continue being a top contributor for many years to come.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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