Main European digital asset supervisor CoinShares is increasing its product portfolio with a brand new physically-backed Ether (ETH) exchange-traded product, or ETP.
Known as CoinShares Bodily Ethereum (ETHE), the brand new funding product is launching with round $75 million in property below administration. Saying the information Wednesday, CoinShares mentioned that every unit of ETHE is backed with 0.03 ETH at launch.
The information comes shortly after CoinShares launched its first cryptocurrency ETP, CoinShares Bodily Bitcoin (BITC), in January 2021. Just like BITC, the brand new ETH ETP will probably be initially listed on SIX Swiss Alternate. The brand new product intends to supply traders with passive publicity to Ethereum’s native asset at a base charge of 1.25%.
In response to an announcement by Bloomberg, Nomura Holdings-backed digital asset custodian Komainu will function custodian for the brand new CoinShares’ product. Established in partnership with CoinShares, the custodian has already been servicing BITC as nicely.
ETHE is now listed on Bloomberg with a gap value of $47.30.
SIX Swiss Alternate is likely one of the world’s largest exchanges offering its buying and selling platform for varied cryptocurrency ETPs, together with 12 diversified crypto-asset ETPs by Swiss crypto ETP issuer 21Shares. The corporate is the first trade on this planet to obtain regulatory permission to approve cryptocurrencies as underlying devices for derivatives.