Global Advisors Takes Over XBT Bitcoin Tracker After KnC Collapse

XBT's Bitcoin Tracker One and Bitcoin Tracker EUR resumed trading at Nasdaq Nordic in Stockholm.

Stockholm based firm XBT Provider has announced that its Bitcoin Tracker One (Ticker: COINXBT) and Bitcoin Tracker EUR (Ticker: COINXBE) have resumed trading at Nasdaq Nordic. Last month the Swedish firm had to suspend its ETCs (Exchange Traded Certificates) after their guarantor and its main stockholder – the bitcoin mining firm KnCMiner – went bust.

The announcement came after the exchange approved the new guarantor of the instruments, Global Advisors (Jersey) Limited (GAJL). The asset management firm, which offers “institutional-grade bitcoin investment strategy” has taken over XBT Provider as all of KnCMiner’s holdings are being sold as a result of its bankruptcy.

Johan Wattenström, CEO and co-founder of the XBT Group, said: “We would like to thank Nasdaq and Global Advisors for their hard work and commitment to achieving a fast resolution. 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.”

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Daniel Masters, co-founder and Director of GAJL added: “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.”

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