The Bitcoin ETP, developed by digital asset investment firm CoinShares, holds Bitcoin (BTC) as its underlying asset, Nordea stated on Thursday. The ETP will only be offered as an “execution-only offering,” meaning that customers can buy this product, but Nordea does not offer advice on it, the bank added.
Nordea has over $286 billion in assets under management, according to its half-year results released in July, along with an estimated customer base of over 10 million people.
### Regulations Are a Key Factor in Nordea’s Bitcoin Backflip
In 2018, Nordea announced it was banning its employees from buying and holding Bitcoin due to concerns that the crypto market was unregulated. The bank also stated in subsequent earnings reports that it has “no risk appetite or direct exposure to virtual currencies.”
This recent change of heart has come as a direct result of growing regulations and the maturing market, Nordea explained, citing the European Markets in Crypto-Assets Regulation (MiCA) as a specific example.
> “Nordea has closely monitored trends in cryptocurrencies but maintained a cautious approach due to the unregulated nature of crypto-assets and the lack of investor protection and authority supervision that dominated the emergence of digital currencies,” Nordea said.
> “Against this background, Nordea remains open-minded to offering products and services to meet our customers’ needs as the environment matures.”
### Demand Is a Key Consideration
Alongside regulatory developments, Nordea noted that growing demand for cryptocurrencies across the Nordic region influenced its decision.
> “The market for crypto-related investment products, especially exchange-traded products, with a cryptocurrency as the underlying asset, has grown rapidly in Europe as institutional and retail investors seek to gain exposure to digital assets within established financial markets.”
Crypto ownership across the Nordic countries—including Denmark, Norway, Sweden, and Finland—is estimated at around 2.1 million people out of a total population of over 28 million. This figure comes from digital asset company K33’s March Nordic crypto adoption survey and reflects an increase from 1.5 million recorded last year.
Furthermore, approximately 28% of all respondents stated they plan to buy crypto within the next decade. K33 estimates this could raise crypto ownership to 6.4 million people by 2035.
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**Related:** [Crypto ETP season? Safello, Deutsche Digital Assets to launch first TAO ETP on SIX Swiss Exchange]
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