Bitcoin Traded Certificates Resume Nasdaq Trading Following Acquisition

A bitcoin investment vehicle designed to enable European investors with liquid access to returns of bitcoin is now live again on Nasdaq Nordic following its acquisition by a US hedge fund.

XBT Provider, a fully hedged bitcoin investment vehicle and the developer of Bitcoin Tracker (COINXBT) and Bitcoin Tracker EUR (COINXBE) has announced its acquisition by Jersey-based hedge fund Global Advisors.

Following its acquisition, XBT Provider instruments have resumed trading at Nasdaq Nordic in Sweden. The acquisition also means that Global Advisors will become the new guarantor of Exchange Traded Certificates (ETCs) which will now become active again. The ETCs were offline since May following the bankruptcy of XBT’s former guarantor and majority owner, KnCMiner, a Swedish bitcoin mining firm.

XBT Group CEO and co-founder Johan Wattenström sees the upside in being acquired by a hedge fund with global connections, beyond the obvious financial backing that it needed.

He stated:

As part of Global Advisors, we now have the capabilities and means to accelerate the expansion of our business and provide investors with a broad range of products and services for safe and easy exposure to bitcoin markets.

Meanwhile, Global Advisors co-founder and director Daniel Masters saw the acquisition as an opportunity to implement the hedge fund’s existing strategy of enabling access to bitcoin.

In statements, Masters said:

We believe bitcoin will change the world. Acquiring control of XBT Group is a unique opportunity to increment our strategy of creating access to bitcoin as an asset class. XBT's products offer one-click, delta-one exposure to bitcoin via a wide range of electronic trading platforms.

Bitcoin’s emergence as an “asset class” comes with its unique characteristics such as its open-source nature. The cryptocurrency has been on a remarkable rally lately, with one Chinese daily recently pointing to an increase in new Chinese investors who are pulling their money out of other markets to buy bitcoin. The cryptocurrency is seen as a viable asset class among investors and now continue to be backed by institutional infrastructure such as XBT Provider’s instruments.

Featured image from Shutterstock.

Last modified (UTC): June 14, 2016 8:53 PM

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Samburaj Das
Samburaj Das

Samburaj is the Editor for CCN, among the earliest and foremost publications covering blockchain, cryptocurrency and financial technology news. He has authored over 1,500 articles for CCN and is invested in Bitcoin. Email him samburaj(@)ccn.com or find him barely tweeting @sambdas