Crypto asset manager Bitwise has partnered with Swiss fintech startup Amun AG to launch another multi-crypto-based exchange-traded product (ETP), according to a press release on June 26.
Bitwise’s
index calculation subsidiary, Bitwise Index Services, has licensed “The
Bitwise 10 Select Large Cap Crypto Index” to Amun AG to bring a
diversified crypto ETP, the announcement says.
The index
will act as the benchmark index for an ETP product called “Amun Bitwise
Select 10 Large Cap Crypto Index ETP” operating under the ticker symbol
KEYS, according to a report by crypto media outlet The Block.
The
new ETP product will reportedly trade on Switzerland's principal stock
exchange SIX Swiss Exchange, and will be only accessible by investors
residing outside the United States, the press release notes.
The
Bitwise 10 Select Large Cap Crypto Index allows to track the
performance of up to 10 of top global crypto assets by “free-float and
inflation-adjusted market capitalization,” Bitwise wrote in the press
release, adding that the index is rebalanced and reconstituted on a
monthly basis.
As such, as of the May 31 rebalance, the index included eight cryptocurrencies such as bitcoin (BTC), ether (ETH), XRP, bitcoin cash (BCH), litecoin (LTC), EOS, stellar (XLM), and cardano (ADA). At the time, bitcoin was evaluated at the “weight” of 67.8%, while ether was weighted at 11.5%.
The Bitwise 10 Select Large Cap Crypto Index as of May 31 rebalance. Source: PR Newswire
Matt
Hougan, Global Head of Research at Bitwise, said that the new
initiative is an attempt to assist non-U.S. investors in obtaining
“diversified exposure to the crypto markets.” He added that the index
is designed for Swiss investors who “want to be sure they gain and
maintain exposure to the most important crypto projects in the world.”
To date, SIX exchange has listed four crypto ETPs by Amun AG, including bitcoin ETP (ABTC), ethereum ETP (AETH), XRP ETP (AXRP), as well as its multi-crypto-based ETP Crypto Basket Index ETP (HODL), according to SIX’s official website.
Launched
in April 2019, AXRP is the second biggest ETP by daily trading volume
of about 440,000 Swiss francs ($450,000), following Invesco Physical
Gold ETC, according to data provided by SIX.
