Crypto asset management company CoinShares has launched a new exchange-traded product (ETP) for ether on the Swiss Stock Exchange SIX under the ticker ETHE.
The CoinShares ether ETP was the second institutional-level exchange-traded product launched by the company after the Bitcoin ETP. The Ether ETP is traded under the ticker ETHE and is backed by $75 million in assets.
Each ETHE will initially be backed by 0.03 ETH, allowing investors to gain passive access to the ether without actually storing the cryptocurrency. CoinShares ‘ head of Product, Townsend Lansing, said:
“The introduction of innovative products, such as ETHE, allows us to continue to set industry standards for trust and transparency and provide organizations with easy access to industry-leading cryptocurrency investment tools.”
As the company notes, the ETP is traded on the Swiss Stock Exchange SIX with a base commission of 1.25%, which is below the industry standard of 2%. Frank Spiteri, Director of Earnings at CoinShares, said::
“Since the beginning of 2021, we have witnessed the continuation of last year’s demand for digital assets from institutional investors. We are also seeing an increase in investor interest in Ethereum.”
CoinShares also announced its plans to conduct an initial public offering on the Nasdaq First North Growth Market in Sweden. The company is positioning itself as the first major crypto asset manager to be publicly traded on a stock exchange.
Earlier this month, CoinShares said that the inflow of funds from institutional investors in cryptocurrencies for the first week of February amounted to $245 million, with 80% of this volume being invested in ETH.