The Bitcoin ETF $ HODL, offered by Amun Crypto, will begin trading on the Swiss market of the six Swiss from next week. Earnings from the ETF will be linked to five different cryptocurrencies.
The ETF is offered by Amun Crypto, a fintech company based in the United Kingdom. The next week will start trading on the Six Swiss Exchange. Six is the leading stock exchange in Switzerland and the fourth in Europe.
According to Financial Times, the ETF "[…] it was designed to track an index based on the movements of five major cryptocurrencies. "
About half (48%) of ETF assets will be invested in Bitcoin (BTC) 00. The rest will be allocated to bitcoin money, XRP (30%), ethereum and litecoin.
Financial TimesThe writer Matt Flood notes that the ETF was created in strict accordance with the standards expected from traditional exchange-traded funds. This is according to Hany Rashwan, Amun's top executive.
Rashwan describes the objectives of the ETF:
Amun's EUN will offer institutional investors who are limited to investing only in securities or who do not wish to establish custody for the exposure of digital assets to cryptocurrencies. It will also provide access to retail investors who currently do not have access to cryptographic exchanges due to local regulatory impediments
The Times points out that while there are competitors such as CoinShares and Grayscale, they differ in legal form, despite being linked to a cryptocurrency. The sowing of the ETF will be promoted by Jane Street and Flow Traders and will be exchanged using the $ HODL ticker.
The Financial Times highlights the arrival of the ETF in the lower drop in the price of BTC 00 in more than a year. The ETF was in particular the source of much clamor in the cryptocurrency space. It is expected that a fund-traded commodity product will facilitate the institutional purchase of bitcoins.
Michael said ..
ETF Switzerland has been approved, and will start trading next week, uhmm bull run is coming baby, buy now or you will pay bitcoins with extra money ..: *#indodax #bitcoin #cryptocurrency #CryptoExchange #crypto #cryptonews #investor pic.twitter.com/OY8TfMgVOj
– Bos Crypto (@boscryptocnn) November 18, 2018
Switzerland seems to be constantly fixed in the encrypted cycle of news, whether it be events in Crypto Valley or in the current ETF. Progress seems to abound.
In October, Bitcoinist reported on the cryptocurrency asset management license recently granted by Crypto AG. One month before, Bitcoinist he also wrote about the status of Switzerland as one of Bitcoin's main global destinations.
What do you think about Bitcoin ETF $ HODL? Share your thoughts below!
Images and media courtesy of Shutterstock, Twitter (@boscryptocnn, @ MANT121266), YouTube (ThinkCrypto).