A Bitcoin ETP is a security that tracks the value of the cryptocurrency. They're similar to stocks in that they trade on traditional exchanges—which have opening and closing bells—rather than on crypto exchanges, which function 24/7. Exchange-traded funds are one type of ETP.
CoinShares already has a separate group of ETPs via a subsidiary, XBT Provider. XBT Provider's Ether Tracker One and Bitcoin Tracker One are listed on the Nasdaq Stockholm exchange. XBT Provider reported $2.9 billion of assets under management as of January 4, 2021.
The Swiss-based ETP will start off with $200 million in assets under management, according to CoinShares Chief Strategy Officer Meltem Demirors.
The hope is that figure will grow as the price of Bitcoin rises. The price of BTC, the original cryptocurrency, is up 13% in the last week and has doubled in the last two months; it now rests above $36,000.
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