Alternative Investments/Digital: Amidst A Crypto Winter, 21Shares Launches The World’s Cheapest Physically Backed Bitcoin ETP
Swiss digital asset manager flags off its Crypto Winter Suite with the 21Shares Bitcoin Core ETP (CBTC).
21Shares AG has launched a bitcoin ETP tailor-made for today’s crypto market, one that has been mauled by rampaging bears and gripped by a “crypto winter.” The 21Shares Bitcoin Core ETP (CBTC), which started trading on the SIX Swiss Exchange effective Wednesday, is claimed to be the lowest cost physically-backed Bitcoin ETP in the world. (Blockworks)
21Shares Bitcoin Core ETP (CBTC)
The new ETP has an expense ratio of only 0.21%. Interestingly, that figure is a nod towards the 21 million cap on bitcoin, its maximum quantity that can ever be mined.
The expense ratio is 44 basis points (0.44%) below the next lowest product on the market.
Furthermore, the costs of the fund are likely to be reduced through lending the underlying crypto holdings on a fully collateralized basis.
“If you believe that bitcoin is currently in a bear market, but that it will one day reverse and rebound, then ‘buying the dip’ with a low-cost exposure like this particular ETP is a cost-effective way to stay invested and express that view,” said Lara Crigger, editor-in-chief of investment research firm VettaFi, to Blockworks.
“While we’re experiencing a tougher market today, interest in the long-game of cryptocurrency has not wavered,” said Hany Rashwan, CEO and co-founder, 21Shares, in a statement. “We’ve seen investor demand for low-cost exposure to this asset class – and the 21Shares Bitcoin Core ETP – the first product in our new suite – does just that, at the most competitive pricing in the world.
“Our bear-market products provide investors with a robust toolkit for navigating the challenging market environment.”
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