Solana memecoin Bonk launches ETP on European exchange in partnership with Bitcoin Capital
|- Bonk has teamed up with Bitcoin Capital to launch an exchange-traded product on the SIX Swiss Exchange.
- The Bonk ETP is 100% physically backed by the underlying meme coin.
- BONK could test the $0.000015 resistance if it clears the 20-day and 50-day EMAs.
The Bonk (BONK) community has partnered with Bitcoin Capital to launch the first exchange-traded product (ETP) tracking the memecoin's price on SIX Swiss Exchange.
Bitcoin Capital issues first Bonk ETP on SIX Swiss Exchange
Bonk, a community-driven memecoin launched on Solana, has partnered with Swiss investment firm Bitcoin Capital to debut a Bonk ETP on the SIX Swiss Exchange, according to a statement on Thursday.
SIX, Switzerland's largest and Europe's third-largest stock exchange, now offers a simplified route for both retail and institutional investors to gain exposure to BONK without the need for crypto-native tools like digital wallets.
"With the Bonk ETP now listed on SIX Swiss Exchange, investing in Bonk has never been easier. Investors don't need crypto expertise; they can trade Bonk just like any other stock," said Bitcoin Capital CEO Marcel Niederberger.
According to Bitcoin Capital, the Bonk ETP is 100% physically backed by BONK tokens held in its reserve.
The launch marks the first Bonk-backed ETP in Europe, expanding the meme coin's reach beyond crypto trading platforms and into mainstream financial markets.
"Expanding into the European financial markets with this ETP is a large step for BONK," said Nom, Core Contributor at BONK.
The launch comes amid an increased interest in altcoin financial products. In the US, altcoin ETF activity has accelerated sharply, with products for XRP, Dogecoin and Solana already live on traditional exchanges.
Meanwhile, REX-Osprey filed to launch a spot BONK ETF in the US in May, but the fund has yet to go live.
BONK is up 1% over the past 24 hours at the time of publication on Thursday. The token is facing resistance at the 20-day Exponential Moving Average (EMA) after reclaiming the $0.0000097 support.
A firm rise above the 20-day and 50-day EMAs could push BONK to test the $0.0000158 resistance, which is just below the 100-day EMA.
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