While a bitcoin-related exchange traded product (ETP) remains elusive in the U.S., Swiss startup Amun AG will list a multi-crypto ETP on the SIX Swiss Exchange next week.
The product will feature exposure to bitcoin, ripple, ethereum, bitcoin cash and litecoin, the five largest digital currencies by market capitalization.
Earlier this year, the Securities and Exchange Commission (SEC) rejected the applications, preventing the digital currency from gaining more acceptance from investors who are wary of the unregulated exchanges of cryptocurrencies. The SEC’s Division of Trading and Markets rejected applications from investment firms ProShares, Direxion and GraniteShares.
In the Amun multi-crypto ETP, “each cryptocurrency will acquire a certain market share within the upcoming ETP, with Bitcoin accounting for around half of the ETP’s assets. The rest are set to be divided in fractions, with 25.4 percent in now-second cryptocurrency XRP, and 16.7 percent in Ethereum, while Bitcoin Cash and Litecoin will acquire 5.2 and 3 percent of the market, respectively,” reports Coin Telegraph.
An Interesting Connection
The Amun product will be managed by VanEck, which is trying to launch a bitcoin ETF in the U.S.