WisdomTree, the ETF and ETP sponsor, has announced the launch of its first cryptocurrency product, a physically-backed Bitcoin ETP. The WisdomTree Bitcoin ETP listed on SIX, the Swiss Stock Exchange, today with a total expense ratio of 0.95%.
The WisdomTree Bitcoin ETP provides investors with a simple, secure and cost-efficient way to gain exposure to Bitcoin while utilising the best of traditional financial infrastructure and product structuring. As such, the ETP allows investors to access Bitcoin without the need to hold the cryptocurrency directly, store private access keys or interact with the blockchain or digital currency infrastructure in any way. Investors also get access to institutional grade storage solutions without needing to set it up with a custodian themselves.
Alexis Marinof, Head of Europe, WisdomTree, said: “We have been monitoring cryptocurrencies for some time and are excited to bring investors secure access to this developing asset class. We have seen enough to believe that digital assets like Bitcoin are not a passing trend and can play a role in portfolios. The introduction of cryptocurrencies in an ETP structure will enable investors to find new ways to introduce digital assets into portfolios safely and securely.”
The ETP will be traded on a regulated stock exchange and shares in the ETP will settle via traditional settlement systems. The listing of WisdomTree Bitcoin on the SIX Swiss Exchange will enable investors to benefit from a global access point to trade shares in the ETP and offer liquidity like any other exchange listed security. Bringing cryptocurrencies into the ETP structure could also bring a centralisation of liquidity to the asset class and benefit the underlying digital asset.
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