Switzerland: First Bitcoin-Cryptocurrency ETF with Ticker $HODL Approved

“The Amun ETP will give institutional investors that are restricted to investing only in securities or do not want to set up custody for digital assets exposure to cryptocurrencies. It will also provide access for retail investors that currently have no access to crypto exchanges due to local regulatory impediments.” – Hany Rashwan, Amun ETP

A U.K. based fintech company, Amun Crypto, is offering the ETF. Trading will begin on Six Swiss Exchange, Switzerland’s chief and fourth largest exchange, next week.

The ETF has been designed to track an index based on the movements of five leading cryptocurrencies, according to the Financial Times.

Of the ETF’s assets, roughly half (48%) will be invested in Bitcoin (BTC). The rest of the assets will be put in bitcoin cash, XRP, ethereum and litecoin.

Matt Flood of the Financial Times observes that standards from traditional exchange-traded funds have provided the basis for crafting the ETF.

While competitors like CoinShares and Grayscale exist, they differ in legal form whilst only being linked to one cryptocurrency. Jane Street and Flow Traders will foster seeding for the ETF where it will trade using the ticker $HODL.

The ETF’s arrival, as highlighted by the Financial Times, is amid the lowest drop in BTC price ($5,598 +0.05%) in over a year.

Link to original article here.

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