United Kingdom, Feb 24, 2021 /AlexaBlockchain/ – CoinShares, Europe’s largest digital asset manager with $4 billion in AUM, will launch a new physically backed Exchange Traded Ethereum Product, CoinShares Physical Ethereum (Ticker: ETHE).
CoinShares Physical Ethereum is the second ETP to be released on the firm’s institutional-grade ETP platform following the launch of its CoinShares Physical Bitcoin (Ticker: BITC) product in January.
The new ETP will launch with approximately $75 million in AUM. Each unit of ETHE is backed with 0.03 ether at launch, providing investors with passive exposure to Ethereum’s native asset with the convenience of an ETP.
It will initially be listed on the regulated SIX Swiss Exchange and has a base fee of 1.25%, establishing ETHE an attractive option for institutional investors looking for an accessible ethereum investment vehicle with a fee below the industry standard of 2%. Coinshares said in a press statement that the ETP will be readily available to investors as its AUM at launch surpasses the baseline requirements for institutional and corporate investment consideration.
Head of Product Townsend Lansing commented:
“Our second product launch this year brings the world’s second-largest digital asset to our new CoinShares Physical platform. Bringing innovative products like ETHE allows us to continue setting the industry standard for trust and transparency and provide institutions with easy access to industry leading crypto investment vehicles.”
Chief Revenue Officer Frank Spiteri said:
“In the early days of 2021, we have seen a continuation of last year’s demand in digital assets from institutions. We have also seen an increase in investor interest in ethereum. We are encouraged by our client’s trust in our team to guide them in their journey through the digital asset ecosystem, and for many, ethereum is an important part of that journey.”
What is CoinShares Physical Ethereum?
CoinShares Physical Ethereum is a physically-backed ETP fully secured by the underlying ethereums. It enables investors to securely gain exposure to the price of ethereum on a regulated European stock exchange. The ethereums held on behalf of ETHE will be maintained in custody with Komainu, a regulated institutional-grade digital asset custodian.