CoinShares Physical Bitcoin
A physically-backed Exchange Traded Product (ETP) providing secure, transparent exposure to the world's first and largest public blockchain.
| Underlying Asset | Bitcoin |
| Base Currency | USD |
| Management fee | 0.98% |
| Bloomberg Code | BITC SW |
| Securities Lending | No |
| ISIN | GB00BLD4ZL17 |
| Leverage Factor | N/A |
| Coin Entitlement (CE) | 0.001 BTC at launch (Download CE Calculator) |
| Price per security | Coin Entitlement (CE) x Bitcoin price |
| Domicile | Jersey |
| Replication method | Physical |
| Legal structure | Debt Security (ETP) |
| UCITS Eligible | Yes *UCITS eligibility varies by jurisdiction. Please contact CoinShares if you would like to discuss. |
| UK Reporting Fund Status | Pending |
| Underlying Asset Verification | Armanino LLP (TrustExplorer) |
| Custodian | Komainu (Jersey) Limited |
| Administrator | JTC Fund Solutions (Jersey) Limited |
| Trustee | The Law Debenture Trust Corporation p.l.c. |
| Auditor | Baker Tilly Channel Islands Limited |
| Issuer | CoinShares Digital Securities Limited |
| Registrar | Computershare Investor Services (Jersey) Ltd |
| Country | Exchange | Trading Currency | Bloomberg Code | ISIN | SEDOL | WKN | Listing Date |
| Switzerland | SIX | USD | BITC SW | GB00BLD4ZL17 | BLD4ZL1 | A3GPMN | 19/01/2021 |
| Switzerland | SIX | EUR | BITCEUR SW | GB00BLD4ZL17 | BMDGG44 | A3GPMN | 19/01/2021 |
| Switzerland | SIX | GBP | BITCGBP SW | GB00BLD4ZL17 | BMDGG22 | A3GPMN | 19/01/2021 |
| Switzerland | SIX | CHF | BITCCHF SW | GB00BLD4ZL17 | BMDGG11 | A3GPMN | 19/01/2021 |
| Germany | Börse Xetra | EUR | BITC GY | GB00BLD4ZL17 | BMDGG44 | A3GPMN | 07/06/2021 |
| France | Euronext Paris | EUR | BITC FP | GB00BLD4ZL17 | BMYX7C9 | A3GPMN | 07/09/2021 |
| Netherlands | Euronext Amsterdam | EUR | BITC NA | GB00BLD4ZL17 | BMYX7B8 | A3GPMN | 07/09/2021 |
CoinShares Physical ETP Structure
CoinShares Physical Bitcoin (BITC) is a physically backed exchange traded product (ETP). BITC Securities derive their value from bitcoin, which is securely held with Komainu - an institutional-grade regulated digital asset custodian.
CoinShares Physical ETP Structure
- Investor places buy order for BITC Securities with a Broker
- Broker either sources existing inventory or asks Liquidity Provider to apply for new BITC Securities
- Liquidity Provider purchases bitcoins in the crypto markets for delivery to the Issuer
- Liquidity Provider then sends bitcoin to the Issuer’s custodian
- Only after bitcoin has been received, Issuer delivers BITC Securities to Liquidity Provider
- Liquidity Provider settles securities with Broker and Investor receives those BITC Securities in exchange for the cash
- Investor places sell order with a Broker
- Broker sells BITC Securities to Liquidity Provider for cash
- Liquidity Provider delivers BITC Securities to Issuer
- Only after the BITC Securities have been delivered, Issuer delivers relevant amount of bitcoins to Liquidity Provider
- Liquidity Provider either holds or sells bitcoins for cash in the crypto markets
How To Invest
Platforms
CoinShares Physical Bitcoin (BITC) can be bought and sold in the same way as shares or funds. You can invest in BITC via your existing investment platform or broker:
- Search for BITC, CoinShares Physical Bitcoin, or GB00BLD4ZL17 on your investment platform
- Input the number or value of securities you wish to buy or sell
- Place the order
Institutions
Our Authorised Offerors are Flow Traders B.V., Jane Street Financial Limited, CoinShares (Jersey) Limited, Bluefin Europe LLP, Goldenberg Hehmeyer LLP & DRW Europe B.V.
Our Capital Markets desk has decades of experience in traditional securities trading, and has also crucially been trading in spot and derivative crypto markets since 2014.
Institutions can contact us to discuss efficient execution, or for unique & direct insight into the digital asset ecosystem.
+31 207 996 777
[email protected]
+44 (0) 203 787 3333
[email protected]
+44 (0) 207 282 0965
+44 (0) 2073903301
+44 (0) 207 469 2500
+44 (0)1534 513 111
FAQs
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An Exchange Traded Product (ETP) is a financial instrument traded on a stock exchange, like shares. They can provide investors with exposure to a huge variety of investments, such as equities, commodities, fixed income, and cryptocurrencies, and can often be purchased through tax-efficient wrappers.
Similar to shares, ETPs can be bought and sold whenever the stock exchange is open as prices are quoted throughout the day, and can often be purchased through tax-efficient wrappers.
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Every share of BITC is ‘physically backed’ by an amount of bitcoin, which is securely stored with a custodian. You can see how much bitcoin is backing your shares by checking the daily Coin Entitlement figure (i.e. how much bitcoin each BITC Security entitles the holder to).
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We believe there are three main investment cases for bitcoin: strategic, fundamental and tactical. You can learn more about these here.
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CoinShares is Europe’s largest digital asset ETP provider with over $2.9bn in assets under management for clients across the continent (as of 4 January 2021).
We pioneered the first regulated bitcoin fund in 2014, and are solely focused on cryptocurrencies and digital assets.
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CoinShares Physical Bitcoin is listed on the SIX Swiss Exchange in Switzerland, Börse Xetra in Germany, and Euronext Paris & Amsterdam.
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The risk factors relating to the underlying cryptocurrencies are outlined in the Risk Factors section of the Prospectus.
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ETPs provide exposure to a wide range of asset classes and indices that can be difficult or costly to access directly, whilst trading through the same brokers and platforms as shares.
Similar to shares, ETPs can be bought and sold whenever the stock exchange is open as prices are quoted throughout the day, and can often be purchased through tax-efficient wrappers.
Contact
