21Shares announces crypto winter suite
Crypto issuer has announced its Crypto Winter Suite – a set of products designed to help investors weather the bear market. The first product introduced in the suite is the 21Shares Bitcoin Core ETP (CBTC), which launched today on SIX Swiss Exchange.
The 21Shares Bitcoin Core ETP is designed to offer low-cost exposure to bitcoin, as the lowest cost bitcoin ETP on the European market. CBTC has a total expense ratio of 21 basis points (0.21 per cent) – selected to reflect the 21 million cap on bitcoin – which is 44 basis points (0.44 per cent) below the next lowest product on the market. The product will lend a portion of the underlying crypto on a fully collateralised basis to offset operating cost. Lending on CBTC will begin once the product achieves sufficient scale.
Beyond the 21Shares Bitcoin Core ETP, 21Shares will focus on building additional bear-market oriented products. The Crypto Winter Suite aims to provide investors with a variety of ways to enter the crypto ecosystem – whether that is at some of the lowest costs on the market for long-term strategic allocation, for shorter-term tactical allocation or in a more risk-controlled manner.
“Given the current market environment, many investors are looking to ‘buy-the-dip’ and generate the maximum potential long-term return,” says Arthur Krause, Director of ETP Product at 21Shares. “Our Crypto Winter Suite will provide ways for investors to dip their toes in the water at some of the lowest costs on the market.”
“While we’re experiencing a tougher market today, interest in the long-game of cryptocurrency has not wavered,” says Hany Rashwan, CEO and co-founder, 21Shares.
“We’ve seen investor demand for low-cost exposure to this asset class – and the 21Shares Bitcoin Core ETP – the first product in our new suite – does just that, at the most competitive pricing in Europe. Our bear-market products provide investors with a robust toolkit for navigating the challenging market environment.”