New Cryptocurrency Exchange-Traded Products (ETPs) developed by Bitwise are now available for trading on the Swiss Stock Exchange.
In a significant move, Bitwise Asset Management has announced its expansion into the European market, listing five new crypto exchange-traded products (ETPs) on the SIX Swiss Stock Exchange.
The new products offer investors exposure to leading crypto assets, including Bitcoin, Ethereum, Solana, XRP, and a diversified index of the top 20 cryptocurrencies (Bitwise MSCI Digital Assets Select 20 ETP).
Ronald Richter, Regional Director of European Investment Strategy, expressed his pleasure about developing the product suite on the SIX exchange. He stated, "These new products provide investors with innovative ways to diversify their trading strategies and tap into the full potential of the crypto markets."
Switzerland, a country that has been an early adopter of digital assets, is a valuable market for Bitwise. The country has seen the first-ever crypto ETF launch in 2018, Bitcoin custody services in 2021, and a BTC embassy in partnership with El Salvador in 2022.
The new products are similar to precious metal exchange-traded commodities (ETCs). They allow investors to gain exposure to underlying assets without needing a crypto wallet. Each product is fully backed by reserves held in cold wallets and is redeemable through a physical mechanism.
The products also offer investors new options such as staking and index products. Staking, a process where cryptocurrency holders can earn rewards for participating in the validation of transactions on a blockchain, is now accessible to a broader investor base through these ETPs.
Last month, Bitwise reached the milestone of $15 billion in assets across its suite of financial products, an impressive jump of 200% in less than a year. The expansion into Europe is expected to further boost this growth.
Europe is rapidly opening up for digital assets, with Switzerland being a leading and crucial market at the heart of the continent. The new products will broaden options for investors looking to benefit from the full potential of crypto markets.
The five new crypto ETPs on the SIX Swiss Stock Exchange are: BTC1 (Bitcoin ETP), BSOL (Ethereum Staking), ET32 (Solana Staking), and GXRP (a physical XRP product).
With this move, Bitwise's assortment of financial instruments will merge with traditional portfolios, granting exposure to the cryptocurrency asset class. Investors can now diversify their trading strategies by tapping into staking and index ETPs, opening up a new world of opportunities in the digital asset space.
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