Bitwise and Amun Launch Zurich-Based Cryptocurrency ETP

Neil Dennis

Bitwise, the cryptocurrency index provider and asset manager, has teamed up with Swiss fintech company Amun to launch a new exchange-traded product on Switzerland's SIX stock exchange.

The San Francisco-based company has licensed its "Bitwise 10 Select Large Cap Crypto Index" to the Swiss group, which will form the benchmark for the "Amun Bitwise Select 10 Large Cap Crypto Index ETP". 

Listed on SIX, Switzerland's principal stock exchange based in Zurich, the ETP will carry the ticker symbol KEYS.

Swiss Crypto Pioneers

Switzerland has been a pioneer in cryptocurrency innovation. Having created one of the world's first regulatory-friendly "crypto hubs" in its Zug canton in 2016, the country gave the green light to the world's first ETP last year: the Amun Crypto Basket ETP, which has more than doubled in value since its November launch.

Exchange-traded products based around cryptocurrencies have been difficult to establish in other countries, however, as regulators have cast a cautious eye on such investment vehicles.

This has been particularly the case in the US where several Bitcoin exchange-traded funds are still waiting for regulatory approval from the Securities and Exchange Commission (SEC).

SEC Fraud Concerns

The SEC continues to take soundings from both critics and supporters of Bitcoin ETFs but, to date, has rejected all applications due to concerns that such products could expose investors to "fraudulent and manipulative acts and practices".

Indeed, Bitwise Asset Management is one of the companies whose application for a Bitcoin ETF in the US has been rejected by the SEC. Under US market laws the new Amun Bitwise Select 10 Large Cap Crypto Index ETP will not be available to investors in the US.

Amun chief executive Hany Rashwan commented:

We are thrilled to partner with Bitwise to bring the most broadly diversified crypto ETP to investors in Switzerland. Bitwise is the global leader in crypto indexing, and we are excited to launch a product that builds on their expertise.

Index Constituents

The index constituents are weighted by trading volume and price on the index. Currently, they comprise:

  • Bitcoin with a 71.96% weighting
  • Ethereum 10.65%
  • XRP 6.63%
  • Litecoin 3%
  • Bitcoin Cash 2.86%
  • Eos 2.18%
  • Stellar 0.76%
  • Cardano 0.73%
  • Dash 0.64%
  • Monero 0.59%