Crypto Basket ETP Gets Listed on Swiss Stock Exchange. When America?
London tech play Amun has ascertained a listing of its crypto basket ETP (SIX: HODL) on the Swiss stock exchange. The basket, which tracks the price of four top cryptocurrencies, represents “75 percent of the crypto market” per Amun. The development comes after ETF chatter has reached a fever pitch this year in America’s nook of the cryptoverse.
Subscribe to the Bitsonline YouTube channel for great videos featuring industry insiders & experts
See, How Hard Was That? A Cryptocurrency ETP Hits Switzerland
The basket, specifically dubbed the Amun Crypto Basket ETP, is currently tracking four of the top big-cap cryptocurrencies: bitcoin, ether, XRP, and litecoin. The basket is set for automatic monthly rebalances, so no coin is safe therein per se.
Bitcoin cash (BCH) was originally slated to be in the ETP, or exchange-traded product, before the recent Bitcoin SV chain split raised custodial concerns for Amun.
ETPs, a genre of ETFs (exchange-traded funds), are securities that passively track commodities, currencies, and the like.
Trading of the Amun Crypto Basket ETP began over-the-counter on November 21st, whereas its trading on the Switzerland’s primary stock exchange, the Swiss Exchange (SIX), began on November 22nd.
London-based Amun has hailed the basket as the world’s “first listed multi-asset crypto index.”
“With one purchase, investors can now access 75 percent of the crypto market and the monthly rebalances ensure we capture the evolution of the asset class,” noted Amun CEO Hany Rashwan on the listing.
America Continues to Wait for a Crypto ETF
The U.S. Securities and Exchange Commission (SEC) issued a series of crypto ETF rejections in August 2018, with the Commission citing insufficient safeguards against manipulative practices in the cryptoeconomy.
Even still, cryptocurrency powerhouses like Coinbase have continued to trod ahead toward the actualization of such an ETF in the U.S. Meanwhile, the SEC has delayed its latest crypto ETF decisions, possibly as late as December.
In the meantime, some have wondered if major players like VanEck SolidX, who are at the vanguard of fighting for a U.S. crypto ETF, have pushed their cases too far.
On the one hand it seems hopes for such an ETF don’t exist for the foreseeable future in America. On the other hand, it seems like such an investment vehicle is ultimately inevitable here.
For the SEC, then, it’s a matter of making sure everything is in order along the way.
What’s your take? When do you think an ETF will be approved in America? Let us know in the comments section below.
Images via Pixabay