CoinShares Rebrands Nordic Crypto ETP as “CoinShares XBT Provider” and Plans Expansion

CoinShares Rebrands Nordic Crypto ETP as “CoinShares XBT Provider” and Plans Expansion

CoinShares, a leading crypto asset management firm, has rebranded its Nordic ETP brand XBT Provider to “CoinShares XBT Provider” and is gearing up for significant expansion in the latter half of 2024.

Historical Context and Acquisition

XBT Provider AB, originally from Sweden, gained prominence in May 2015 by launching Bitcoin Tracker One, the first Bitcoin-based security available on a regulated exchange. By October of the same year, they introduced Bitcoin Tracker EUR, a Euro-denominated Bitcoin-based security, on Nasdaq Nordic. CoinShares acquired XBT Provider in 2017, further solidifying its position in the crypto asset management market.

Increasing Demand for Regulated Crypto Products

Frank Spiteri, head of asset management at CoinShares, highlighted the growing demand for regulated crypto exposure across Europe and the US. Investors are increasingly recognizing the potential benefits of incorporating digital assets into their portfolios.

Nordic Expansion Plans

CoinShares’ expansion in the Nordic region follows a record financial quarter for the firm. In January, CoinShares completed the acquisition of Valkyrie Funds, a unit of Valkyrie Investment Inc., after securing approval for its spot Bitcoin ETF from the Securities and Exchange Commission (SEC). This acquisition marked a significant boost to CoinShares’ global market presence and expanded its operations into the US market.

“This rebrand marks the beginning of an exciting new chapter for our Nordic operations, underscoring our commitment to this region and our investors,” said Spiteri.

Challenges with FlowBank

Despite these advancements, CoinShares faced a setback last week when FlowBank, a bank backed by CoinShares, was declared bankrupt by the Swiss Financial Market Supervisory Authority (FINMA). FINMA initiated bankruptcy proceedings against FlowBank, citing the bank’s failure to meet the minimum capital requirements for its business operations. CoinShares has declined to comment further on the bankruptcy situation.

Looking Ahead

The rebranding to “CoinShares XBT Provider” and the planned expansion underscore CoinShares’ commitment to growth and innovation in the crypto asset management sector. As the firm navigates both opportunities and challenges, it remains focused on enhancing its offerings and expanding its global footprint.

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