Virtune, a Swedish-regulated crypto asset manager, has successfully listed the country’s first-ever crypto ETPs (exchange-traded products) on Nasdaq Helsinki.
This milestone represents a significant advancement for Finland’s financial markets. It provides Finnish investors with secure, regulated access to cryptocurrency investments denominated in euros, leveraging established financial instruments.
Opening Finland’s $21 Billion ETP Market to Crypto
With this launch, Finland’s €20.5 billion ETP market (over $21 billion) now includes crypto assets, expanding opportunities for local investors. It marks several key firsts for Finland, including the first crypto ETPs traded on Nasdaq Helsinki.
It also represents the largest crypto ETP launch on a regulated market in the Nordic countries, including Denmark, Finland, Iceland, Norway, and Sweden, in northern Europe. The products are fully collateralized and physically backed, drawing active liquidity support from leading global market maker Flow Traders.
These measures ensure smooth trading while guaranteeing tight spreads and reliable trading volumes, enhancing investor confidence. Details about the ETPs are as follows:
- Virtune Bitcoin ETP (VIRBTCE): Provides exposure to Bitcoin.
- Virtune Staked Ethereum ETP (VIRETHE): Combines Ethereum exposure with staking benefits for enhanced annual returns.
- Virtune XRP ETP (VIRXRPE): Offers exposure to XRP.
- Virtune Staked Solana ETP (VIRSOLE): Includes staking benefits with an additional 3% annual return.
- Virtune Crypto Altcoin Index ETP (VIRALTE): An equal-weighted basket of up to 10 altcoins, excluding Bitcoin and Ethereum, rebalanced monthly.
The products are accessible via major Nordic brokers like Nordnet. It marks the first regulated staked ETPs in Finland, with staking rewards reflected in daily pricing. With this launch, investors will be able to access leading crypto assets through their existing brokerage accounts.
Virtune CEO Christopher Kock said the euro-denominated ETPs cater to a growing demand for crypto exposure in a secure, regulated environment. Similarly, Nasdaq Helsinki President Henrik Husman emphasized the significance of the launch.
“ETN products provide access to alternative investments while maintaining the transparency of a regulated marketplace,” said Husman.
Meanwhile, this development is unsurprising given Nasdaq’s heft in the crypto ETP space. Helena Wedin, European Head of Exchange Traded Products at Nasdaq, highlighted Virtune’s market leadership.
“As a first mover in the Crypto ETP market, we’ve built a strong position in Europe with a market share of around 23%. Extending our services to Nasdaq Helsinki with Virtune as the first issuer is an exciting milestone,” Wedin said.
Europe’s ETP Growth vs. Crypto ETF Adoption in the US
The launch reflects a broader surge in crypto ETPs across Europe. Industry experts have noted significant growth in this sector, which comes as institutional and retail investors increasingly seek regulated avenues for crypto exposure.
Other players in the market are also innovating. Bitwise recently introduced a Solana Staking ETP for European markets. Similarly, 21Shares launched four new crypto ETPs focused on AI tokens. Taken together, these developments, among others, reflect the diverse opportunities available in the European crypto ETP market.
Virtune’s foray into Finland’s financial markets signals a new era for crypto investments in the region. As Finnish investors gain access to regulated crypto ETPs, the launch could pave the way for broader adoption. It could also inspire innovation in the Nordic crypto market.
As the European market advances in the ETP space, the US continues to hold out hope for more crypto ETFs (exchange-traded funds). Besides Bitcoin and Ethereum, the road to additional altcoin-related ETFs has been marred with challenges.
Amidst the change in administration, however, several crypto ETF applications have followed. This is in light of the expectation that the new US SEC (Securities and Exchange Commission) would offer a better regulatory atmosphere for the industry. With this expectation, Litecoin, Hedera, Solana, and XRP, among other altcoin-related ETFs, are in the line-up for approval.
“At least 50 other crypto-related ETFs [to] launch, from options-based products (covered call ETFs, defined outcome ETFs, etc.) to equity ETFs denominated in Bitcoin to “Bitcoin bond” ETFs,” wrote Nate Geraci, President of the ETF Store.
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