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KnCMiner Launches XBT Provider, Bitcoin Tracker One

Last Updated March 4, 2021 4:44 PM
P. H. Madore
Last Updated March 4, 2021 4:44 PM

After our story about KnCMiner facing class action lawsuits, several readers wrote in to thank us and share their stories as well. We expected to receive some comment back from KnCMiner regarding the claims being made against them by more than two dozen clients representing several dozen thousands of dollars. We never did.

However, today we’ve received word that KnC has launched a Bitcoin exchange. From where? Straight from the horse’s mouth, in a press release that only mentions KnC in the heading and in the footing, nowhere in the body.

Also read: Buy Orders in the Millions for Bitcoin Investment Trust (GBTC)

XBT Provider AB (publ) announced today the authorization of Bitcoin Tracker One, the first bitcoin-based security available on a regulated exchange. XBT Provider is launching this financial instrument to meet the needs of investors’ growing appetite for exposure to Bitcoin prices.

Nevermind BTCS and GBTC

XBT Provider appears to be a new venture by the people who brought you the KnCMiner scandal. It claims that it will be traded on NASDAQ Stockholm beginning May 18th. The announcement managed to make no mention of KnCMiner. There are existing stock symbols on regulated exchanges already, so we must presume that XBT Provider is referring to the Sweden’s markets. Additionally, several hedge funds have picked up Bitcoin as an asset for long-term growth. XBT Provider CEO Alexander Marsh said:

We are proud to offer the world’s first “Bitcoin tracker” to be traded on a regulated exchange. By enabling this easy and secure way to invest in Bitcoin we hope to have eliminated the boundaries that earlier prevented individuals and companies from being able to actively invest in what we believe to be the future of money.

BTCS and GBTC, watch out. KnC seems to have started a whole new company to launch this venture, seemingly in hopes that the legal liabilities of KnCMiner will fade out of view. But certainly as the class action lawsuit makes headway, the stock price will be affected.

Time will tell what is next for this symbol. Former customers of KnCMiner will no doubt be surprised by this news, however. At time of writing, shares of Bitcoin Tracker One , the symbol being offered by XBT Provider, were selling for 9.45 SEK, or $1.13 USD.