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

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.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide