Bonk will make the institutional leap with an ETP that will be listed on the SIX Swiss Exchange, following an alliance with Bitcoin Capital. The announcement positions the Bonk ETP as the first regulated product of this type for the token and seeks to offer 1:1 exposure to the asset without the need for direct key management. The objective is to enable investors to access BONK through traditional market infrastructure while avoiding operational frictions inherent to direct custody.
Bitcoin Capital, a subsidiary of the Swiss boutique manager FiCAS AG, will issue the Bonk ETP on the Swiss exchange, leveraging the oversight and infrastructure that, according to Marcel Niederberger, CEO of Bitcoin Capital & FiCAS, make Switzerland a suitable environment for this type of product. The structure emphasizes jurisdictional clarity and exchange standards to support issuance and trading.
The ETP will offer 1:1 exposure to the BONK token and will employ institutional-grade custody solutions to reduce risks associated with direct holdings on exchanges. An ETP (exchange-traded product) is a financial instrument that replicates the value of an underlying asset and trades on an exchange like a stock; in this case, the objective is for the ETP price to replicate that of BONK without the investor managing private keys.
Nom, lead collaborator on the BONK project, stated: “Expanding into the European financial markets with this ETP is a large step for BONK.” The structure aims to facilitate the entry of institutional and retail capital through traditional brokerage platforms.
Launch and design of the Bonk ETP
The choice of an ETP instead of an ETF responds to regulatory differences: European rules, especially under guidelines like UCITS, require diversification for ETFs, which makes ETPs the practical vehicle to offer exposure to a single crypto asset. The product design incorporates regulatory controls and transparency intended to integrate an asset with a strong community component into regulated markets.
The launch is part of a broader wave of regulated cryptocurrency products and, in particular, a growing interest in so-called meme coins. Institutional adoption of digital assets has shown precedents: a Bitcoin ETF reached $10,000 million in AUM in 50 days and reached $50,000 million by December 2024, a move that demonstrated the ability of regulated products to channel significant flows. At the same time, physical ETPs on networks and tokens like Stellar and Solana collectively exceeded $1,000 million in their first week, underscoring the speed of adoption in Europe.
Nevertheless, the product retains the risks inherent to a meme coin profile: high volatility and dependence on sentiment in networks. Analysts have made speculative forecasts —including a point estimate of $0.000009051 for BONK— and previous episodes show strong market reactions to regulatory or product expectations; for example, the mere possibility of a leveraged ETF propelled 10% increases in Bonk.
