Tanzeel Akhtar

Last updated:

June 17, 2024 08:13 EDT | 1 min read

Crypto asset management firm Coinshares has rebranded its Nordic ETP brand XBT Provider to “CoinShares XBT Provider” and is preparing to expand in the second half of 2024.

Back in May 2015, Sweden’s XBT Provider AB announced the authorization of Bitcoin Tracker One, the first Bitcoin-based security available on a regulated exchange.

In October of the same year, it launched Euro-denominated Bitcoin-based security, Bitcoin Tracker EUR, available through Nasdaq Nordic, as reported in Bitcoin Magazine.

Coinshares acquired XBT Provider in 2017.

“Across Europe and the US we are seeing increased demand for crypto exposure via regulated products as investors consider the potential benefits of including digital assets as part of their overall portfolio,” Frank Spiteri, head of asset management at CoinShares.

Nordic Expansion Plans

Coinshares said the Nordics follows hot on the heels of a record financial quarter for CoinShares International.

In January, CoinShares exercised the right to acquire Valkyrie Funds, a unit of Valkyrie Investment Inc. following the approval of its spot Bitcoin ETF by the Securities and Exchange Commission (SEC).

In a Jan 12 announcement, the company disclosed the move, and its reasons, the prospects to expand in the U.S. market, and projected growth.

Coinshares said it has which also saw the firm complete its acquisition of Valkyrie Funds in the U.S, significantly boosting its global market presence and expanding its operational footprint across the Atlantic.

“This rebrand is the start of an exciting new chapter for our Nordic operations, reflecting our ongoing commitment to this region and our investors,” said Spiteri.

Coinshares Backed FlowBank Bankrupt

Last week, Coinshares-backed FlowBank has been declared bankrupt by the Swiss Financial Market Supervisory Authority (FINMA).

In an announcement, FINMA said it is opening bankruptcy proceedings against FlowBank as the bank no longer has the minimum capital required for its business operations.

Coinshares would not comment further on FlowBank’s bankruptcy.

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