ETC Group Joins SIX to Issue Bitcoin ETP
SIX announced today that it has welcomed the London-based financial services company, ETC Group to list a Bitcoin exchange-traded product (ETP) with a primary ticker symbol of BTCE. The trading product is available in three different currencies including the USD, CHF and GBP.
According to the official announcement, the newly launched trading product (BTCE) tracks the price of Bitcoin and is 100% physically backed. The addition of ETC Group takes the total number of ETP providers at the Swiss Stock Exchange to 6. The exchange now offers a total of 34 ETPs.
Commenting on the recent addition, Christian Reuss, Head of SIX Swiss Exchange, said: “We welcome ETC Group to the family of ETP providers offering their products at SIX. With the new product, investors gain access to 100 different crypto products trading on our platform and with this have even more opportunities to diversify their portfolio.”
Growing Demand for Bitcoin and Crypto Products
Additionally, the exchange highlighted record trading turnover in crypto products as a result of strong demand from investors. The total number of Bitcoin and crypto-related trades at the exchange reached an all-time high of 48,024 this year. In 2020, the trading turnover in crypto products reached CHF 1.1 billion, crossing the barrier of CHF 1 billion for the first time. Compared to 2017, crypto trading turnover at the exchange jumped more than 100%.
“The Swiss Stock Exchange has registered a break of the CHF 1 billion barrier in trading turnover in crypto products for the first time with CHF 1.1 billion in 2020, which surpassed the record CHF 525 million from 2017 by 112%; the number of trades reached a new record of 48,024. ETC Group lists a Bitcoin ETP, taking the number of ETP providers to six and the number of ETPs to 34, further strengthening the position of the Swiss Stock Exchange as the world’s leading marketplace for regulated crypto products,” the official announcement by SIX states.
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