Swiss crypto-asset ETP issuer 21Shares has introduced GBP-denominated share classes for three ETPs listed on SIX Swiss Exchange.
The new share classes allow investors to trade crypto ETPs in pound sterling.
The new share classes will allow investors trading in pound sterling to gain access to bitcoin and ethereum, as well as a portfolio of leading crypto assets.
Laurent Kssis, Managing Director, 21Shares, commented, “Expanding market participation is one of our core focuses. As we already list our crypto ETPs in US dollars, Swiss francs, and euros, it was only natural to add pound sterling.
“This opens up our institutional-grade crypto ETPs to all UK investors with access and connectivity to the SIX Swiss Exchange.”
Each ETP delivers cryptocurrency exposure while maintaining the added oversight, security, and liquidity of an exchange-traded product.
Crypto ETPs also enable less technologically savvy investors to gain exposure to the asset class without having to engage with the technical challenges of setting up a cryptocurrency wallet, managing cryptographic keys, or trading on unregulated crypto exchanges.
Bitcoin
The 21Shares Bitcoin ETP (ABTCGBP SW) provides exposure to bitcoin, the world’s largest cryptocurrency by market capitalization with approximately a two-thirds market share. It comes with an expense ratio of 1.49%.
21Shares has also cross-listed the ETP on Deutsche Boerse Xetra (21XB GY) where it trades in euros. The move follows shortly after BaFin, the German financial regulator, announced in March that it officially recognized cryptocurrencies as financial instruments.
It is not the first crypto ETP to launch on Xetra, however, with rival issuer ETC Group unveiling its maiden product – the BTCetc Bitcoin Exchange Traded Crypto (BTCE GY) – earlier this month. This ETP was the first centrally cleared bitcoin product, a feature that is likely to appeal to institutional investors.
Ethereum
The 21Shares Ethereum (AETHGBP SW) provides exposure to ethereum, the second-largest cryptocurrency with approximately a 12% market share. It comes with an expense ratio of 2.50%.
Multi-crypto
The 21Shares Crypto Basket Index ETP (HODLGBP SW) tracks the 21Shares Crypto Basket Index which reflects the performance of the top five cryptocurrencies by market cap.
The index utilizes 21Shares’s quant-driven volatility management methodology to determine the weights of its constituents, helping to manage the volatility associated with less liquid or smaller crypto assets. The weight of each crypto asset is constrained to a maximum cap of 50% and a floor of 3% as of each monthly rebalance.
The ETP also comes with an expense ratio of 2.50%.