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 belongings beneath administration. Announcing 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 physically-backed Bitcoin ETP, CoinShares Bodily Bitcoin (BITC), in January 2021. Just like BITC, the brand new ETH ETP shall be initially listed on SIX Swiss Trade. The brand new product intends to offer traders with passive publicity to Ethereum’s native asset at a base price of 1.25%.
In accordance with 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 properly.
ETHE is now listed on Bloomberg with a gap worth of $47.30.
SIX Swiss Trade is without doubt one of the world’s largest exchanges offering its buying and selling platform for numerous cryptocurrency ETPs, together with 12 diversified crypto-asset ETPs by Swiss crypto ETP issuer 21Shares. The corporate is the first change on the earth to receive regulatory permission to approve cryptocurrencies as underlying devices for derivatives.