On October 11, 2017, a landmark moment unfolded for the cryptocurrency industry as Ethereum received its first-ever exchange-traded product. CoinShares, through its subsidiary XBT Provider AB, launched two Ether-tracking Exchange Traded Notes (ETNs) on Nasdaq Stockholm, opening the door for traditional investors to gain exposure to the second-largest cryptocurrency without the complexity of managing digital wallets or private keys.
TL;DR
- CoinShares launched two Ether ETNs — Ether Tracker One (COINETH:SS) and Ether Tracker Euro (COINETHE:SS) — on Nasdaq Stockholm
- These are the first exchange-traded products tracking ether anywhere in the world
- The ETNs are denominated in SEK and EUR respectively, traded during normal market hours
- Nasdaq Stockholm becomes the only European exchange offering ETNs on both Bitcoin and Ethereum
- CoinShares now manages six professional-grade crypto investment vehicles
A Historic First for Ethereum
For over a year, European investors had been clamoring for a regulated, accessible way to invest in ether. CoinShares answered that demand with two structured products: Ether Tracker One, denominated in Swedish Krona (SEK), and Ether Tracker Euro, denominated in Euros. Both products track the price of ether through an index rate calculated daily as the average of the three most liquid cryptocurrency exchanges from a select group.
Laurent Kssis, Managing Director of XBT Provider by CoinShares, called the listing a major win for European investors. “As of today, if investors want hassle-free exposure to the price movements of ether, they simply call their broker or trade on their normal brokerage platform — that is truly remarkable,” Kssis said in the announcement. The simplicity of the product structure cannot be overstated: investors could now buy and hold ether exposure through the same brokerage accounts they used for stocks and bonds.
Nasdaq Stockholm: A Bridge Between Traditional Finance and Crypto
The significance of this listing extends beyond just the product itself. Nasdaq Stockholm, one of Europe’s premier exchanges, had already listed Bitcoin ETNs through XBT Provider approximately two years earlier. With the addition of Ether ETNs, it became the only European exchange offering investors regulated exposure to the two leading cryptocurrencies through a familiar exchange-traded structure.
Helena Wedin, Head of ETP Services Europe at Nasdaq, emphasized the importance of providing investors with the protection of a regulated infrastructure. “Trading Ether on Nasdaq Stockholm provides investors with the protection provided by a regulated infrastructure, well-known marketplace and accessibility through their ordinary brokers,” Wedin stated. Her comments highlighted a critical point: while cryptocurrency exchanges offered direct access to digital assets, many institutional and retail investors preferred the safety and familiarity of traditional market infrastructure.
CoinShares Builds the iShares of Crypto
CoinShares has been described as the “iShares equivalent for Crypto-finance,” and the launch of Ether ETNs further cemented that reputation. With six professional-grade crypto-investment vehicles in its portfolio, the firm now represented the most diverse investment product lineup available in professional crypto finance. Notably, it was the only way for European investors to add ether to their portfolios through an established exchange.
Ryan Radloff, Co-Principal at CoinShares, described the moment as historic for Ethereum and for the future of crypto-assets broadly. “It was a little over two years ago that the bitcoin ETNs began trading — offering investors exposure to bitcoin via an established exchange for the first time. Today, we are able to bring ether to the market and mark another major first,” Radloff reflected. His observation about the speed of maturation in the crypto space — less than eight years since Bitcoin’s inception — underscored the breakneck pace of institutional adoption.
Market Context
The launch came at a time when Bitcoin was trading at approximately $4,831 and Ethereum’s ether was priced around $302, according to Kraken’s daily market report. The total cryptocurrency market capitalization was surging, with Bitcoin alone commanding a market cap of over $80 billion. The broader market was experiencing a renaissance of interest, fueled by rising prices, increasing media attention, and the growing recognition that blockchain technology had applications far beyond digital currency.
Why This Matters
The CoinShares Ether ETN launch represented a pivotal step in the institutionalization of cryptocurrency. By wrapping ether in a traditional financial product listed on a regulated exchange, CoinShares effectively bridged two worlds that had long existed in parallel. Traditional investors who had been sidelined by the technical barriers of cryptocurrency custody now had a familiar on-ramp. The precedent set on Nasdaq Stockholm would echo through the years, paving the way for the eventual approval of Bitcoin and Ethereum ETFs in the United States and other major markets. For Ethereum specifically, the listing validated its status not just as a technological platform, but as a legitimate investable asset deserving of the same financial infrastructure as traditional commodities and equities.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Cryptocurrency investments carry significant risk.
first exchange traded ETH product in the world and it was on nasdaq stockholm of all places. the US is still playing catch up years later
bought ether tracker one the week it listed. my broker had no idea what it was and had to call compliance. good times
my broker literally told me he could not legally advise on this and hung up. had to figure out SEK conversion myself. early days were wild
bought COINETH:SS the first week through my SEK account. broker had to manually route it. first time european retail got clean ETH exposure without dealing with crypto exchanges
Henrik O. i remember calling Nordea to route COINETH and the broker putting me on hold for 15 minutes. compliance had never seen an ETN order like that
seb_trader_ calling Nordea about COINETH and being on hold for 15 minutes. european crypto in 2017 was genuinely held together with duct tape and hope
StockholmSatoshi – I had the same experience trying to explain this to my broker!
eth2moon US is still catching up years later is the most accurate thing anyone has said about this. CoinShares built the template in 2017 and everyone else followed
Ether Tracker One and Ether Tracker Euro were revolutionary for swedish retail investors. finally got ETH exposure without dealing with crypto-only exchanges and their constant maintenance windows
coinshares launching these in SEK and EUR was smart. institutional demand in europe was massive and nobody else was serving it
Lena D is right about the institutional demand in Europe. It was massive by 2017.
6 crypto investment vehicles by 2017. coinshares was way ahead of everyone. respect for building the infrastructure early
Nasdaq Stockholm listing these in 2017 while the US SEC was still debating whether ETH was a security tells you everything about regulatory arbitrage in crypto
my nordea broker in 2017 had no clue what COINETH was. had to explain SEK conversion myself. early european crypto was held together with duct tape
krona_btc explaining SEK conversion to your broker yourself. peak 2017 european crypto experience. brokers had zero infrastructure for crypto ETPs
Anna L. stockholm listing these in 2017 while gary gensler was still saying ETH might be a security is peak regulatory arbitrage
Anna L. Sweden was ahead of everyone on crypto ETPs. they figured out that regulated access beats trying to ban it. US took 7 more years
Being able to trade ETN on normal market hours made all the difference for institutional adoption.
CoinShares really paved the way. Now everyone follows their lead.