21Shares AG, a Swiss financial technology company, has announced the launch of its new exchange-traded product (ETP) dubbed the 21Shares Bitcoin Core ETP. The ETP went live on Wednesday, trading on the SIX Swiss Exchange with the ticker CBTC.
The 21Shares Bitcoin Core ETP is tailored for the bear market
Taking to Twitter, 21Shares introduced its family of financial products called the “Crypto Winter Suite.” According to the tweet, the suite is meant to “provide low-cost points of entry into the crypto ecosystem in a risk-controlled manner.” As observed from the name, the suite is tailored for the bear market with the aim of helping investors during such uncertain times.
The 21Shares Bitcoin Core ETP (CBTC) is the first financial product in the suite. The launch of others is expected to follow shortly as the financial company promises follow-up products designed specifically for the bear market.
The ETP is the lowest cost product of its kind on the European market today. Expense ratio sits at a 21-basis point which is 44 basis points below the next financial product.
Speaking on the launch, Arthur Krause, Director of ETP Products at 21Shares mentioned, “Given the current market environment, many investors are looking to ‘buy the dip’ and generate the maximum potential long-term return”, further noting that the Crypto Winter Suite is meant to give investors the ability to do this “at some of the lowest costs on the market.”
Hany Rashawn, co-founder and CEO of 21Shares, noted that the launch of the suite was majorly influenced by demand from investors for this sort of product in order to properly navigate the crypto winter.
21Shares is the world’s largest issuer of crypto ETPs
21Shares is currently the world’s largest issuer of crypto ETPs, having launched a variety of digital asset-tracking financial products tailored for varying market conditions and investing tastes.
Last month, the firm launched the 21Shares USD Yield ETP (USDY), the world’s first USD yield ETP. Prior to this – in April – the company also launched the first Bitcoin and Ethereum ETFs in Australia which gives investors low-cost and direct access to the two digital assets.
In April, 21Shares further announced the listing of their product BOLD on the SIX Swiss Exchange. BOLD is the world’s first ETF to collectively track the values of Bitcoin and Gold together. The firm entered the US market a month later with the launch of two crypto index funds.