Bonk Cryptocurrency Launches on SIX Swiss Exchange
The Solana-based meme cryptocurrency known as Bonk (BONK) has officially begun its trading journey on Switzerland’s SIX Swiss Exchange, which is the country’s third-largest stock trading platform. This new avenue for Bonk comes through a recently introduced exchange-traded product (ETP) issued by the Swiss crypto firm Bitcoin Capital. With this move, investors can now engage with the Bonk token via standard brokerage accounts, as announced in a release to Decrypt.
Bitcoin Capital and Regulatory Landscape
Bitcoin Capital is a subsidiary of FiCAS AG, a Swiss asset management company that, in 2020, pioneered the launch of the world’s first actively managed Bitcoin ETP. In commenting on the Bonk ETP, Marcel Niederberger, the CEO of both Bitcoin Capital and FiCAS, highlighted Switzerland’s favorable regulatory landscape and robust market framework, which made it an ideal location for this launch.
“Europe, and especially the SIX Swiss Exchange, possesses a well-established regulatory setting with structured supervisory practices,” Niederberger remarked.
He also noted that this ETP would have the potential to appeal to both retail and institutional investors through reliable broker platforms. Regulated ETPs like this one are beneficial in enhancing investor confidence and liquidity, with a majority of investments in Bitcoin Capital’s current offerings coming from institutional sources. Looking ahead, Niederberger envisions a continued growth in regulated products linked to Bonk in the upcoming year, as the European market becomes increasingly open to thematic digital assets that include more ETPs and structured notes.
Current Market Performance
Currently, Bonk boasts a price of approximately $0.0599, reflecting a 3.5% increase today, and it stands as the seventh-largest meme coin in terms of market capitalization, according to CoinGecko data. This launch is part of a broader trend of meme coins entering regulated markets, particularly in the U.S., where Dogecoin (DOGE) holds the title of the most significant meme cryptocurrency by market cap.
Trends in Meme Coin Regulation
In September, the Rex-Osprey Dogecoin ETF became the first fund in the U.S. to include DOGE in its portfolio, and just last week, Grayscale announced its spot GDOG product, which achieved $1.4 million in trading volume on its debut day. Additionally, REX Shares has plans for a BONK ETF that was filed back in January, along with similar initiatives for other meme coins. Recent developments also saw 21Shares launch a 2x leveraged Dogecoin ETF on Nasdaq, and Bitwise’s Dogecoin ETF, BWOW, cleared the NYSE Arca for its listing on Tuesday.
