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The Swiss crypto exchange traded products (ETP) issuer 21Shares has announced the launch of its bitcoin ETP (BTC) on the UK Aquis Exchange.
21Shares designed the ETP to provide UK-based institutional investors with exposure to bitcoin. ETPs trade the same way as listed stocks, so institutional investors in the UK can get this exposure in a way they are familiar with.
Designed as an exchange-traded fund (ETF), the ETP will be cleared centrally. One unit of 21Shares bitcoin ETP (ABTC) represents the value of approximately 0.00035 bitcoin. 21Shares launches ABTC on the Aquis Exchange, a pan-European multilateral trading platform based in London and Paris.
GHCO and 21Shares
21Shares is launching in partnership with GHCO, market maker and liquidity provider specializing in ETFs. GHCO will act as the liquidity provider for ABTC. In practice, this means that institutional investors will have access to abundant liquidity, like the underlying asset.
Already active in ETF trading, GHCO recently started listing crypto ETPs. It has gained a reputation for quoting the tightest spreads, which is a key indicator for institutional investors.
Meanwhile, 21Shares is already making a name for itself, having already issued several crypto ETPs across the world. The company has more than $ 1.5 billion in assets under management across 14 ETPs available on several European exchanges. These include exchanges in countries such as Germany, Switzerland, France, Austria and the Netherlands. The UK launch of its ABTC comes after two years of testing and launching these other cryptocurrency ETPs.
21Shares and Aquis Exchange plan to continue their collaboration to bring more crypto products to institutional investors in the UK. These will include ETPs in other important cryptocurrencies such as Ethereum (ETH), XRP, tezos (XTZ), polkadot (DOT), cardano (ADA) and stellar (XLM).
GTC ETP bitcoin groups
Although 21Shares ABTC is one of the first Bitcoin ETPs issued in the UK, GTC Group already launched its own bitcoin ETP last week. They also listed their ETP on the Aquis stock exchange, but not before attempting to issue it on the London stock exchange.
Having also issued ETPs in Switzerland, GTC Group expressed frustration with the lack of cooperation from the institutional London Stock Exchange, whose clearinghouse does not accept crypto-based products. As a result, GTC Group has chosen Aquis Exchange instead, and its ETP will also be cleared in Switzerland.
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