First Physically Backed Cryptocurrency Bitcoin ETP Is Listed
- The AMUN Bitcoin ETP is listed on the SIX Swiss Exchange
- Switzerland offers crypto investors an excellent regulatory environment
- Investors can finally buy Bitcoin in a professional and reputable jurisdiction without worrying about custody, which for the underlying component of the ETP, is handled by qualified and independent custodians and also held in cold storage
Amun AG, a Swiss fintech special purpose company, launched the world’s first physically-backed crypto Bitcoin ETP, This ETP gives access to the world’s most popular crypto coin. The Amun Bitcoin ETP is a fully collateralised product which is denominated in US dollars and has an annual investor fee of 2.5%.
Hany Rashwan, CEO and co-founder of Amun AG:
“The mission of our company is to make crypto investing as easy as purchasing shares, and the launch of the Amun Bitcoin ETP is a crucial step in this process after our initial launch of Amun Crypto Basket Index ETP in late 2018. With both HODL for the index and ABTC for the single coin, we have given investors around the world access to this innovative and exciting asset class through a regulated exchange and the traditional financial market. We also plan to launch more products across multiple geographies”.
Ophelia Snyder, Chief Product Officer and co-founder of Amun AG:
“There is nothing else in any financial market like our growing family of ETPs. In the expanding market of crypto assets globally, there have hardly been any suitable financial instruments for the vast majority of investors. With our first product, HODL, we overcame the obstacles of diversification, inadequate regulatory standards and limited tradability. With our second product, ABTC, we offer investors the ability to purchase a single-coin ETP that has the benefit of a market maker to ensure liquidity and that is 100% physically-backed. Our ETPs are very similar and have the same principal characteristics as a physical gold ETP and therefore appeal to a wide range of investors”.
Mark Rodino, Managing Director & Head of Global Distribution of Amun AG
“We continue to live in uncertain times and Bitcoin can act as a store of value and is actually quite complimentary to gold, the traditional store of value. Furthermore, Bitcoin is uncorrelated to traditional asset classes and the volatility has dropped substantially which could be important to some investors. And for other investors we offer an ETP structure which is exchange-regulated, transparent and tradeable with high liquidity and tight spreads”.
The Bitcoin ETN futures are based on ETC Group’s physical Bitcoin ETN.
Gensler suggests Bitcoin ETF filings limited to CME-traded futures would be welcomed by SEC.
It is hoped that BNY Mellon will provide transfer agency and ETF services when the fund converts to an ETF.
Increase in institutional demand highlights growing legitimation of bitcoin.
There has been more institutional volume than anticipated.