As per the reports of the Financial Times, the SIX stock exchange of Switzerland is going to list the first ever multi-crypto-based exchange-traded product (ETP) in the coming days. The exchange-traded product will be accessible to retail as well as institutional investors.
The stock exchange is situated in Zurich. The SIX Swiss Exchange trades stocks as well as other securities like Swiss government bonds; stock futures and other options. With the help of Exchange Traded Product, investors now can trade the Amun Crypto exchange-traded product on the exchange. The ETP will help in tracking the Amun Crypto Basket Index (HODL5) – based upon the performance of leading five cryptocurrencies.
Market Analysis by Amun
As per the official website of Amun, the Bitcoin’s current index allocation is around 48.69%, whereas other cryptocurrencies like Ripple – 25.72%, Bitcoin Cash – 5.11%, Litecoin – 2.88%, and Ethereum with 17.6% are there in the list.
The stats of Amun’s website say that the Swiss Stock Exchange is the fourth leading stock exchange in Europe. The market capitalization of the SIX Stock Exchange is around $1.6 trillion.
Chief Executive on ETF
Hany Rashwan, the co-founder and chief executive at Amun said that the new ETF is in such a systematic order that it can comply with the same policies of traditional ETPs. According to him, this will help in providing a tool for cryptocurrencies trading; both for retail and institutional investors. In a tweet he said:
“Amun AG is launching the world’s first listed crypto basket ETP! Listing on SIX Swiss Stock Exchange this week.”
Thomas Zeeb, head of securities and exchanges at SIX, on Wednesday, Nov. 14, stated that in the coming ten years, the digital exchanges based upon blockchain, will overcome the standard ones, as the exchange citing huge interest in terms of cost advantages of the technology by the banks, insurance firms, and brokers.
The tech industry experts believe that adopting BTC ETFs is a better and huge deal than settling any BTC contracts on cash. This will add a boost to the growth of the crypto industry.
XBT providers in Sweden are already providing BTC ETP – Coinshares, resulted in attracting over $1 billion since 2015.