Amun
Launches Inverse Bitcoin ETP Allowing Traders to Short BTC
Fintech firm Amun AG has
launched a new inverse bitcoin exchange-traded product (ETP) that allows
traders to short bitcoin, capitalizing on negative price movements of the
flagship cryptocurrency. The new ETP, dubbed “21 Shares Short Bitcoin ETC
(SBTC)” is listed on Switzerland’s SIX stock exchange.
Amun charges an annual
management fee of 2.5% on the ETP, and has said it is reset at the end of
each day. The performance is not rolled over every day, which means the ETP
is “ideally suited to capture short term price movements of bitcoin for a
short recommended period.”
With the launch of the new ETP,
Amun has a total of 11 cryptocurrency exchange-traded products listed on
stock exchanges. These are tired to various top cryptocurrencies, including
bitcoin, ether, XRP, and others.
The SBTC ETP is, according to
Amun’s co-founder and CEO Hany Rashwan, the “world’s first” inverse ETP for a
cryptocurrency. Amun now manages a total of over $55 million in client
assets.
