The hope of having a Bitcoin ETF (exchange-traded fund) in the U.S. may see the light of day, if other large exchanges offer a good indication. On Saturday, Switzerland's SIX Swiss Exchange has decided to list the first cryptocurrency ETF (under the umbrella of ETPs (exchange-traded products). While the U.S.-hopefuls (VanEck / SolidX) aim to list a purely Bitcoin ETF, SIX Swiss' ETF will be comprised of Bitcoin, XRP, Ethereum, Litecoin and BCH. This new ETF has been backed by the Swiss start-up company, Amun AG, and will be listed under the aptly-named index of, "HODL5". Interestingly, the management firm, VanEck, was chosen the Amun AG's crypto-index.
Amun AG believes that having the ETF listed on the Swiss SIX exchange will make investing in the crypto-space more palatable to new crypto investors. Amun AG's CEO, Hany Rashawn, explained his sentiment in a September interview with Bloomberg:
“This was born out of our frustration at seeing vast swathes of the world excluded from easily participating in the digital assets revolution (...) We want to make buying crypto as easy as buying a stock.”
“After exploring this across 23 different exchanges and territories around the world, we settled on Switzerland. We believe this to be the best jurisdiction for our base and intend, after launching our initial products on the Swiss exchange, to both launch additional products as well as dual-list across additional geographies and stock exchanges.”