Coinshares, a crypto asset management firm, has rebranded its Nordic ETP brand XBT Provider to “CoinShares XBT Provider” in preparation for expansion in the second half of 2024. XBT Provider AB, based in Sweden, originally launched the first Bitcoin-based security, Bitcoin Tracker One, on a regulated exchange in May 2015. The company also launched a Euro-denominated Bitcoin-based security, Bitcoin Tracker EUR, in October of the same year. Coinshares acquired XBT Provider in 2017, and now aims to meet the increased demand for crypto exposure in Europe and the US.
Frank Spiteri, head of asset management at CoinShares, stated that investors are increasingly considering the benefits of including digital assets in their portfolios. Coinshares sees potential for growth in the Nordic region after a successful financial quarter. 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 SEC. The company sees opportunities to expand in the US market, boosting its global presence and operational footprint across the Atlantic.
The rebranding of XBT Provider to “CoinShares XBT Provider” marks a new chapter for the company’s operations in the Nordic region. This reflects Coinshares’ ongoing commitment to investors in the region and its plans for growth and expansion. However, not all of Coinshares’ ventures have been successful, as recently, Coinshares-backed FlowBank was declared bankrupt by the Swiss Financial Market Supervisory Authority (FINMA). FINMA initiated bankruptcy proceedings against FlowBank as the bank no longer had the minimum capital required for its business operations.
Despite the setback with FlowBank, Coinshares continues to focus on its expansion efforts in the Nordic region and beyond. The company remains committed to providing regulated products for investors seeking exposure to digital assets. With the rebranding of XBT Provider and the acquisition of Valkyrie Funds, Coinshares is poised for further growth and development in the cryptocurrency market. The company sees the Nordic region as a key area for expansion, as well as the US market, where it aims to capitalize on the increasing demand for crypto exposure among investors. As Coinshares continues to navigate challenges in the industry, it remains focused on its long-term strategy for growth and success in the cryptocurrency sector.
