XBT Provider resumes bitcoin certificates trading following Global Advisors acquisition

Posted On 14 Jun 2016

Tag: Bitcoin certificates, Bitcoin Tracker EUR, Bitcoin Tracker One, Daniel Masters, Global Advisors (Jersey) Limited, Johan Wattenström, kncminer, XBT Group, XBT Provider

XBT Provider’s instruments, Bitcoin Tracker One (Ticker: COINXBT) and Bitcoin Tracker EUR (Ticker: COINXBE), resumed trading Tuesday morning at Nasdaq Nordic in Stockholm, Sweden, according to a press release sent to CoinReport.

The trading of the certificates had been suspended in late May pending approval of a new guarantor. Nasdaq approved Global Advisors (Jersey) Limited as the new guarantor of the exchange-traded certificates (ETCs). In addition, XBT Group has become a subsidiary of Global Advisors, a cryptocurrency asset management firm.

Trading of Bitcoin Tracker One and Bitcoin Tracker EUR was halted due to the bankruptcy of Swedish bitcoin mining hardware firm KnCMiner, which had been XBT Provider’s guarantor. According to media reports, KnCMiner cited the forthcoming bitcoin block reward halving and growing competition from miners in China as reasons for the bankruptcy.

XBT Provider said in a statement issued May 30^th that the bankruptcy development did not affect investor assets, as the ETCs are always fully hedged by holding bitcoins, the underlying asset, in secure storage.

“We would like to thank Nasdaq and Global Advisors for their hard work and commitment to achieving a fast resolution,” said Johan Wattenström, XBT Group’s co-founder and CEO, in the press release sent to CoinReport. “We have been very satisfied cooperating with all involved parties and are looking forward to a long-term partnership. 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.”

XBT Provider resumes bitcoin certificates trading following Global Advisors acquisition

Global Advisors (Jersey) Limited co-founder and director Daniel Masters

Daniel Masters, co-founder and director of Global Advisors, said in the release, “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. We look forward to sharing with XBT the benefits our best-practices and experience managing the Global Advisors Bitcoin Investment Fund.”

Image credits – Via the press release CoinReport received

About the Author

Katherine Fletcher is a writer and editor based in London, Ontario, Canada. With a graduate degree in journalism, Katherine spent more than five years curating news on Canadian higher education for a marketing consultancy. Her interest in reporting on Bitcoin stems from her belief that digital currency is, and will continue to be, a disruptor in how we conceive modern currency.