CoinShares Revamps Nordic Crypto ETP Offering
Crypto asset management company CoinShares has rebranded its Nordic ETP brand XBT Provider to “CoinShares XBT Provider” and is gearing up for expansion in the latter half of 2024.
In May 2015, Sweden’s XBT Provider AB made headlines by introducing Bitcoin Tracker One, the first Bitcoin-based security to be offered on a regulated exchange. Later that year, they followed up with the launch of Bitcoin Tracker EUR, a Euro-denominated Bitcoin-based security available on Nasdaq Nordic, as reported by Bitcoin Magazine. CoinShares acquired XBT Provider in 2017.
“Across Europe and the US, we are witnessing a growing demand for exposure to cryptocurrencies through regulated products as investors weigh the potential benefits of adding digital assets to their investment portfolios,” stated Frank Spiteri, head of asset management at CoinShares.
Expansion in the Nordics
CoinShares has announced plans to expand in the Nordics following a successful financial quarter for its international operations. In January, CoinShares exercised its right to acquire Valkyrie Funds, a subsidiary of Valkyrie Investment Inc., after receiving approval for its spot Bitcoin ETF from the Securities and Exchange Commission (SEC).
In a January 12 announcement, the company outlined its reasons for the acquisition, highlighting opportunities for growth in the US market. CoinShares also completed the acquisition of Valkyrie Funds in the US, significantly enhancing its global market presence and extending its operational reach across the Atlantic.
“This rebrand marks the beginning of an exciting new chapter for our Nordic operations, demonstrating our ongoing dedication to this region and our investors,” commented Spiteri.
CoinShares-Backed FlowBank Faces Bankruptcy
CoinShares-backed FlowBank was recently declared bankrupt by the Swiss Financial Market Supervisory Authority (FINMA). FINMA stated that it had initiated bankruptcy proceedings against FlowBank due to the bank’s failure to maintain the minimum required capital for its operations.
CoinShares declined to provide further comments on FlowBank’s bankruptcy.
