CoinShares Physical Ethereum
A physically-backed Exchange Traded Product (ETP) providing secure, transparent exposure to the Ethereum blockchain’s native asset, Ether.
Ethereum
| Underlying Asset | Ether |
| Base Currency | USD |
| Management fee | 1.25% |
| Bloomberg Code | ETHE SW |
| Securities Lending | No |
| ISIN | GB00BLD4ZM24 |
| Leverage Factor | N/A |
| Coin Entitlement (CE) | 0.03 ETH at launch (Download CE Calculator) |
| Price per security | Coin Entitlement (CE) x Ether 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 |
| 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 | ETHE SW | GB00BLD4ZM24 | BLD4ZM2 | A3GQ2N | 23/02/2021 |
| Switzerland | SIX | EUR | ETHEEUR SW | GB00BLD4ZM24 | BKPKL67 | A3GQ2N | 23/02/2021 |
| Switzerland | SIX | CHF | ETHECHF SW | GB00BLD4ZM24 | BKPKL89 | A3GQ2N | 23/02/2021 |
| Germany | Börse Xetra | EUR | CETH GY | GB00BLD4ZM24 | BKPKL67 | A3GQ2N | 07/06/2021 |
| France | Euronext Paris | EUR | CETH FP | GB00BLD4ZM24 | BMYX796 | A3GQ2N | 07/09/2021 |
| Netherlands | Euronext Amsterdam | EUR | CETH NA | GB00BLD4ZM24 | BMYX785 | A3GQ2N | 07/09/2021 |
CoinShares Physical ETP Structure
CoinShares Physical Ether (ETHE) is a physically backed exchange traded product (ETP). ETHE Securities derive their value from the underlying cryptocurrency. All ether is securely held with Komainu - an institutional-grade regulated digital asset custodian.
CoinShares Physical ETP Structure
- Investor places buy order for ETHE Securities with a Broker
- Broker either sources existing inventory or asks Liquidity Provider to apply for new ETHE Securities
- Liquidity Provider purchases ether in the crypto markets for delivery to the Issuer
- Liquidity Provider then sends ether to the Issuer’s custodian
- Only after ether has been received, Issuer delivers ETHE Securities to Liquidity Provider
- Liquidity Provider settles securities with Broker and Investor receives those ETHE Securities in exchange for the cash
- Investor places sell order with a Broker
- Broker sells ETHE Securities to Liquidity Provider for cash
- Liquidity Provider delivers ETHE Securities to Issuer
- Only after the ETHE Securities have been delivered, Issuer delivers relevant amount of ether to Liquidity Provider
- Liquidity Provider either holds or sells ether for cash in the crypto markets
How To Invest
Platforms
CoinShares Physical Ethereum (ETHE) can be bought and sold in the same way as shares or funds. You can invest in ETHE via your existing investment platform or broker:
- Search for ETHE, CoinShares Physical Ethereum, or GB00BLD4ZM24 on your investment platform
- Input the number or value of securities you wish to buy or sell
- Place the order
Institutions
We’ve partnered with liquidity providers Flow Traders, DRW and Jane Street.
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.
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 ETHE is ‘physically backed’ by an amount of ether, which is securely stored with a custodian. You can see how much ether is backing your shares by checking the daily Coin Entitlement figure (i.e. how much ether each ETHE 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 $4bn in assets under management for clients across the continent (as of 15 Feburary 2021).
We pioneered the first regulated bitcoin fund in 2014, and are solely focused on cryptocurrencies and digital assets.
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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.
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