EU-headquartered crypto asset management firm Coinshares is reportedly widening the scope of its physically-backed exchange-traded product (ETP) portfolio, via a new Germany-based listing.
Specifically, CoinShares Physical Bitcoin (BTC), Ether (ETH), and Litecoin (LTC) ETPs have reportedly finalized their cross-listing on a high-profile exchange platform in Germany – Deutsche Boerse Xetra.
2021 for CoinShares reportedly began with a release of a new Bitcoin ETP, dubbed CoinShares Physical Bitcoin (BITC), with its listing carried out on Switzerland’s SIX Swiss Exchange, where 0.001 Bitcoin is the backing amount for every ETP.
From that development onward, the CoinShares Physical platform additionally made Ether and Litecoin ETPs available, with the physically backing amount being 0.03 ETH and 0.2 LTC respectively.
CoinShares chief revenue officer Frank Spiteri reportedly remarked that the overall sum of assets currently managed by CoinShares has exceeded the $380 million benchmark, with operations located throughout 11 nations.
The listing of CoinShares Physical Bitcoin, Ether, and Litecoin ETPs on Boerse Xetra was reportedly made possible after the lawmakers have greenlit the distribution of ETPs throughout the European Union.
Via establishing its presence in Germany, CoinShares Physical ETPs have also managed to tap into additional markets, nominally Germany, Italy, Austria, Belgium, Luxembourg, Netherlands, Spain, France, Denmark, Finland, and Norway.
“Focusing on market demand, we launched earlier this year, our institutional platform CoinShares Physical first in Switzerland and now in Europe,” Head of CoinShares Jean-Marie Mognetti reportedly revealed.