Coinshares, a crypto asset management firm, 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 launching Bitcoin Tracker One, the first Bitcoin-based security available on a regulated exchange.
Later that year, in October, it introduced Bitcoin Tracker EUR, a Euro-denominated Bitcoin-based security, which became accessible through Nasdaq Nordic, according to Bitcoin Magazine.
CoinShares acquired XBT Provider in 2017.
Frank Spiteri, head of asset management at CoinShares, noted, “Across Europe and the US, there is growing demand for crypto exposure through regulated products as investors increasingly recognize the potential benefits of including digital assets in their portfolios.”
Nordic Expansion Plans
CoinShares highlighted the Nordics as the next focal point following a highly successful financial quarter for CoinShares International.
In January, CoinShares exercised its option to acquire Valkyrie Funds, a subsidiary of Valkyrie Investment Inc., subsequent to receiving approval for its spot Bitcoin ETF from the Securities and Exchange Commission (SEC).
In a January 12 announcement, the company detailed the acquisition, emphasizing its strategic rationale, plans for U.S. market expansion, and anticipated growth trajectory.
CoinShares also completed its acquisition of Valkyrie Funds in the U.S., significantly enhancing its global market presence and expanding operational reach across the Atlantic.
“This rebrand marks the beginning of an exciting new phase for our operations in the Nordic region, underscoring our ongoing dedication to this market and our investors,” remarked Spiteri.
Coinshares Backed FlowBank Bankrupt
Coinshares-backed FlowBank was declared bankrupt last week by the Swiss Financial Market Supervisory Authority (FINMA). FINMA announced the initiation of bankruptcy proceedings against FlowBank due to its failure to maintain the minimum required capital for conducting its business operations.
Coinshares declined to provide further comment on FlowBank’s bankruptcy.
