21Shares Releases Low-Value Bitcoin ETP
- 21Shares launched a brand new ETP on the SIX Swiss Trade at this time meant to supply low-cost publicity to bitcoin.
- The ETP would be the lowest-cost product of its variety on the European market.
- This ETP is the primary of a line of 21Shares merchandise meant to permit traders to climate bear markets.
In the present day, 21Shares introduced the discharge of its Crypto Winter Suite – a set of exchange-traded merchandise (ETP) meant to climate market downtrends – starting with the lowest-cost European bitcoin ETP in the marketplace, per a press launch.
“Given the present market atmosphere, many traders want to ‘buy-the-dip’ and generate the utmost potential long-term return,” mentioned Arthur Krause, director of ETP product at 21Shares. “Our Crypto Winter Suite will present methods for traders to dip their toes within the water at a number of the lowest prices in the marketplace.”
The 21Shares Bitcoin Core ETP (CBTC) is supposed to supply low-cost publicity to the asset with a complete expense ratio of 21 foundation factors (0.21%), which is supposed to replicate the 21 million unit cap for bitcoin. That is reportedly 44 foundation factors decrease than the subsequent lowest product in the marketplace. The ETP will lend out a portion of its underlying bitcoin via a totally collateralized foundation in an try and offset working prices, nonetheless the lending won’t start till the product achieves scale deemed applicable by 21Shares.
“Whereas we’re experiencing a harder market at this time, curiosity within the long-game of cryptocurrency has not wavered,” mentioned Hany Rashwan, CEO and co-founder of 21Shares. “We’ve seen investor demand for low-cost publicity to this asset class – and the 21Shares Bitcoin Core ETP – the primary product in our new suite – does simply that, on the best pricing in Europe.”
Over these previous few months bitcoin has fallen from its highs of just about $69,000 all the way down to $17,500 the place it managed a reversal again to a psychological stage of assist of $20,000. Representing an nearly 71% downturn at present ranges, the present state of the bitcoin market can appear tough to those that aren’t merely hodling their bitcoin.
“Our bear-market merchandise present traders with a sturdy toolkit for navigating the difficult market atmosphere,” mentioned Rashwan.