What Are ETP Servers? Swiss Crypto ETP Set to Launch

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The world of digital finance continues to evolve, and one of the most significant developments in recent years is the rise of cryptocurrency exchange-traded products (ETPs). These financial instruments are reshaping how both institutional and retail investors gain exposure to digital assets—without the complexities of direct ownership or custody. Recently, the SIX Swiss Exchange, a major securities exchange based in Zurich, Switzerland, approved a new crypto ETP with the ticker symbol “HODL,” marking a pivotal moment for regulated digital asset investment.

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Understanding Cryptocurrency ETPs

An Exchange-Traded Product (ETP) is a type of security that tracks an underlying index, commodity, or basket of assets and trades on a stock exchange like a stock. Unlike traditional mutual funds, ETPs offer real-time pricing and can be bought and sold throughout the trading day.

The newly approved Amun HODL ETP tracks five major cryptocurrencies:

This structure allows investors to gain diversified exposure to top digital currencies through a single security—without managing private keys or navigating crypto exchanges directly. The product is especially appealing to institutional investors who must comply with strict regulatory and custody standards.

As Amun explains:

“Unlike tangible assets such as stocks or gold, an index does not have its own price. Instead, it reflects a calculated value representing a group of underlying assets. For example, the S&P 500 Index is computed by summing the adjusted market capitalizations of all S&P 500 stocks and dividing by a proprietary index divisor established by Standard & Poor’s.”

This principle underpins how crypto ETPs function—they reflect the combined performance of their underlying digital assets using transparent, rule-based methodologies.

How ETPs Differ from ETFs

While often used interchangeably, ETPs and ETFs (Exchange-Traded Funds) are not identical. All ETFs are ETPs, but not all ETPs are ETFs. The distinction lies in structure and risk profile:

In the case of Amun’s HODL ETP, it operates similarly to an ETF by providing price exposure to a basket of cryptos while being listed and traded on a regulated stock exchange—making it accessible to traditional brokerage accounts.

Why Switzerland Is Leading the Crypto ETP Revolution

Switzerland has emerged as a global hub for blockchain innovation and digital finance, thanks to its clear regulatory framework and pro-innovation stance. The SIX Swiss Exchange’s approval of crypto ETPs signals growing confidence in digital assets as legitimate investment vehicles.

Hany Rashwan, co-founder and CEO of Amun, emphasized the strategic advantage:

“Amun ETP provides institutional investors—who are only permitted to invest in securities or prefer not to self-custody digital assets—with exposure to cryptocurrencies. It also opens doors for retail investors in regions where direct access to crypto exchanges is restricted due to local regulations.”

This model reduces barriers for conservative investors while maintaining compliance with existing financial laws.

Will This Increase the Chances of a U.S. Bitcoin ETF?

Despite progress abroad, the United States remains cautious. The U.S. Securities and Exchange Commission (SEC) has repeatedly rejected proposals for spot Bitcoin ETFs, citing concerns over market maturity and price manipulation risks.

For instance:

Jake Chervinsky, a government enforcement defense lawyer, noted:

“ProShares and others tried to address SEC concerns by pricing Bitcoin through reputable, regulated futures markets like CBOE and CME. Theoretically, this makes futures-backed ETFs more likely to be approved than those tied to unregulated spot markets. However, the SEC concluded that the Bitcoin futures market lacks sufficient scale.”

So, does Switzerland’s move boost the odds of a U.S. ETF approval? Not directly—but it adds pressure. Regulated ETPs operating successfully in mature markets like Switzerland serve as case studies that could influence future SEC decisions.

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What Would It Take to Get a U.S. Crypto ETF Approved?

To increase the likelihood of SEC approval, applicants must convincingly address two core issues:

  1. Market Surveillance: Demonstrating robust mechanisms to prevent fraud and manipulation in crypto markets.
  2. Price Discovery: Proving that futures or spot markets are deep and liquid enough to establish fair and accurate pricing.

Many believe the launch of Bakkt’s physically settled Bitcoin futures could be a game-changer. By offering contracts backed by actual BTC rather than cash settlement, Bakkt aims to enhance market integrity and transparency. However, its long-term impact remains uncertain.

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Frequently Asked Questions (FAQ)

What is a cryptocurrency ETP?

A cryptocurrency Exchange-Traded Product (ETP) is a security listed on a stock exchange that tracks the price of one or more digital currencies. Investors can buy shares in the ETP without owning or storing the actual crypto.

How does the HODL ETP work?

The Amun HODL ETP tracks a basket of five major cryptocurrencies—BTC, ETH, XRP, LTC, and BCH. It’s traded on the SIX Swiss Exchange like a stock, allowing investors to gain diversified exposure through traditional brokerage accounts.

Is an ETP the same as an ETF?

Most ETPs function like ETFs, but technically, ETP is a broader category that includes ETFs, ETNs, and other structured products. The HODL product behaves similarly to an ETF but may differ in legal structure.

Why hasn't the U.S. approved a Bitcoin ETF yet?

The SEC has cited concerns about market manipulation, liquidity, and inadequate surveillance in crypto markets. While futures-based ETFs have been proposed, regulators argue these markets aren’t large enough to support reliable price discovery.

Can retail investors buy crypto ETPs?

Yes—especially in Europe and Switzerland. Retail investors can purchase shares in crypto ETPs like HODL through standard brokerage platforms, avoiding the technical challenges of holding digital wallets.

Does Switzerland’s ETP approval help global adoption?

Absolutely. As a respected financial center with strong regulation, Switzerland’s endorsement adds legitimacy to crypto as an asset class and may encourage other jurisdictions to follow suit.

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Final Thoughts

The approval of the HODL ETP on the SIX Swiss Exchange represents more than just another financial product—it's a signal of growing institutional acceptance of cryptocurrencies. While the U.S. lags behind in approving spot Bitcoin ETFs, international momentum is building.

As regulated markets continue to integrate digital assets through innovative instruments like ETPs, the path toward broader adoption becomes clearer. For investors seeking exposure without custody risks, these products offer a compelling middle ground between traditional finance and the decentralized future.

Whether you're an institutional player or a retail investor navigating complex regulations, crypto ETPs are becoming essential tools in modern portfolios—and Switzerland is leading the charge.