October 11, 2017, marked a quiet but significant milestone in the maturation of cryptocurrency markets. Nasdaq Stockholm, which made history in 2015 by listing the world’s first Bitcoin exchange-traded notes, became the only European exchange to offer investors regulated exposure to both Bitcoin and Ethereum through a familiar brokerage structure.
XBT Provider AB, a subsidiary of CoinShares, launched two Ether Tracker notes — Ether Tracker One (COINETH:SS), denominated in Swedish Krona, and Ether Tracker Euro (COINETHE:SS), denominated in Euros. The products track the price of Ether, the native token of the Ethereum platform, and are traded during normal market hours on Nasdaq Stockholm.
TL;DR
- CoinShares launches two Ether ETNs on Nasdaq Stockholm — the first ether-referenced securities on a regulated exchange
- Ether Tracker One (SEK) and Ether Tracker Euro (EUR) now available in 179 countries
- Nasdaq Stockholm becomes only European exchange offering regulated exposure to both BTC and ETH
- CoinShares now manages six professional-grade crypto investment vehicles
- Products track Ether price via an index averaging the three most liquid exchanges
A Familiar Structure for a New Asset Class
The ETNs are designed to mirror the return of Ether using an index rate that takes the average of the three most liquid exchanges from a select group, calculated daily. This approach mirrors the structure CoinShares already uses for its Bitcoin ETNs — Bitcoin Tracker One and Bitcoin Tracker Euro — which have been trading on Nasdaq Stockholm since 2015.
“The listing of these two Ether ETNs is a major win for European investors who have been requesting these products for over a year now,” said Laurent Kssis, Managing Director of XBT Provider by CoinShares. “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.”
The products are approved under a prospectus cleared by the Swedish Financial Supervisory Authority (Finansinspektionen), providing investors with the protections of a regulated European exchange infrastructure. They are available in 179 countries and trade identically to any other instrument listed on Nasdaq Stockholm.
Nasdaq’s Expanding Crypto Ambitions
Helena Wedin, Head of ETP Services Europe at Nasdaq, underscored the exchange’s growing comfort with digital asset products. “Given the high interest we have experienced for the previous listings from XBT Provider, it is exciting to now expand the offering into this unique exchange traded certificate,” she said. “Trading Ether on Nasdaq Stockholm provides investors with the protection provided by a regulated infrastructure, well-known marketplace and accessibility through their ordinary brokers.”
With this listing, Nasdaq Stockholm holds a unique position in the European financial landscape. No other exchange on the continent offers regulated, exchange-traded products tracking both of the two largest cryptocurrencies by market capitalization. Bitcoin currently commands a market cap of approximately $80.2 billion at a price of $4,826, while Ethereum sits at $303 with a market cap near $28.8 billion.
The CoinShares Playbook
CoinShares, which has drawn comparisons to BlackRock’s iShares platform for traditional finance, now operates six crypto investment vehicles. The group’s Co-Principal Ryan Radloff framed the launch in historical terms: “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.”
Daniel Masters, fellow Co-Principal at CoinShares, emphasized the broader significance: “CoinShares is committed to delivering world-class research and professional-grade access to crypto-assets. Today marks a critical step in delivering on that mission.”
The launch comes amid a period of remarkable growth for Ethereum, which has surged over 3,700% year-to-date, driven by the explosion of initial coin offerings built on its platform and growing interest in decentralized applications. The listing of ETNs on a major regulated exchange represents a bridge between the traditional financial world and the rapidly evolving crypto ecosystem.
Why This Matters
The CoinShares Ether ETNs represent an important stepping stone in the institutional adoption of cryptocurrencies. While spot crypto ETFs would not gain approval in the United States for several more years, European investors in 2017 already had regulated, broker-accessible products for both Bitcoin and Ethereum. The Nasdaq Stockholm listing demonstrated that traditional exchanges could integrate digital asset products within existing regulatory frameworks — a precedent that would prove influential as the crypto industry continued its push into mainstream finance. For Ethereum specifically, having an exchange-traded product on a major exchange lent additional legitimacy to a platform that many traditional financiers still viewed with skepticism.
Disclaimer: This article was written for informational purposes and reflects events as reported on October 11, 2017. Cryptocurrency investments carry significant risk. Always do your own research before making investment decisions.
Nasdaq Stockholm listing Ether ETNs in 2017 when most exchanges wouldnt even consider crypto. scandinavia was years ahead
available in 179 countries through standard brokerage accounts. CoinShares understood distribution matters more than tech for adoption
XBT Provider had BTC ETNs since 2015. two full years before US even started debating spot ETFs. europe led and everyone forgot