Carey Olsen's Jersey corporate team has advised digital asset investment firm CoinShares on the establishment of its institutional-grade cryptocurrency-backed exchange traded product (ETP).
CoinShares Physical Bitcoin (Ticker: BITC) launched on 19 January with $200M in assets under management and is the first CoinShares product to be listed on the SIX Swiss Exchange.
The ETP programme, operated by CoinShares Digital Securities, has been developed in response to growing demand among institutional investors for trustworthy and transparent digital asset investment opportunities.
The programme's physically backed structure provides institutions that are experienced in trading similar commodity-based investment securities with a familiar structure for cryptocurrency investments.
The Carey Olsen team – Partner James Mulholland, Counsel Colin Masterton and Associates Luke Costello and Filip Kwilinski – advised CoinShares on the Jersey legal and regulatory aspects of establishing the ETP programme.