Switzerland-based fintech firm, Amun AG, has launched the 21Shares Short Bitcoin ETP (SBTC) on the Swiss Stock Exchange. The Exchange Traded Product (ETP) claims to track the inverse performance of Bitcoin and enables users to monitor Bitcoin’s price movements.
The SBTC tracker is the first inverse tracker that uses a digital asset like Bitcoin for its ETP structure. According to Amun AG, the 21Shares Short Bitcoin ETP will represent the new brand portfolio of ETPs issued by Amun AG henceforth.
The offering in question also claims to take advantage of the extreme volatility associated with cryptocurrencies like Bitcoin, wherein investors can use a traditional broker or bank to capitalize on the falling prices of BTC. Inverse ETPs are common for non-digital assets and SBTC is the first of its kind as it’s issued for a variety of crypto-assets.
According to Hany Rashwan, CEO of Amun AG, the tracker would enable an investor to capitalize on “negative price movements and marks an important step towards the introduction of derivative products in conventional ETP form.”
The suite composed of 11 ETP trackers is listed in U.S dollars, while 3 are listed in eEuros on the Swiss exchange. CEO Rashwan also highlighted that the “platform is now near complete and marks an important step towards the introduction of derivative products in conventional ETP form for the still-nascent crypto market.”
Amun AG was in the news previously after, in December 2019, the Swedish Financial Supervisory Authority (SFSA) approved the firm’s Base Prospectus, a development that helped its expansion into various European markets.