CoinShares launches ethereum ETP on SIX | ETF Strategy
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2021-03-01 08:00:00

European digital asset manager CoinShares has launched a directly backed ethereum exchange-traded product in Switzerland.

CoinShares has launched Europe’s cheapest directly backed ethereum ETP on SIX.

Listed on SIX Swiss Exchange, the CoinShares Physical Ethereum (ETHE SW) is available to trade in US dollars, euros, or Swiss francs.

The product comes to market with approximately $75 million in assets, a level of fund capital that aims to satisfy baseline requirements for institutional and corporate investment consideration.

Each unit of ETHE is “physically” backed with 0.03 ether, providing direct exposure to the world’s second-largest cryptocurrency by market cap with the added oversight, security, and liquidity of an ETP.

The ETP comes with a management fee of 1.25%, making it a competitive alternative to the $100 million 21Shares Ethereum ETP (AETH SW) which costs 1.49%.

CoinShares debuted its first directly backed crypto ETP in January with the launch of the CoinShares Physical Bitcoin ETP (BITC SW) on SIX. BITC, which is backed by actual bitcoin holdings, comes with a management fee of 0.98% and currently houses $310m in assets.

Townsend Lansing, Head of Product at CoinShares, commented: “Our second product launch this year brings the world’s second-largest digital asset to our new CoinShares Physical platform. Bringing innovative products like ETHE allows us to continue setting the industry standard for trust and transparency and provide institutions with easy access to industry-leading crypto investment vehicles.”

Frank Spiteri, Chief Revenue Officer at CoinShares, added: “In the early days of 2021, we have seen a continuation of last year’s demand in digital assets from institutions. We have also seen an increase in investor interest in ethereum. We are encouraged by our client’s trust in our team to guide them in their journey through the digital asset ecosystem, and for many, ethereum is an important part of that journey.”

CoinShares also offers eight single-asset crypto products providing exposure to bitcoin, ethereum, litecoin, and ripple in either Swedish krona or euro trading lines. The suite is delivered through the firm’s XBT Provider platform, with products listed on Nasdaq Stockholm and the Nordic Growth Market. These products use synthetic replication through tracking certificates to gain exposure to cryptocurrency markets.

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