In a sign of rapidly escalating demand for bitcoin as a portfolio allocation, Europe’s only exchange traded bitcoin note, issued by XBT Provider AB, surpassed $100MM in assets under management and is announcing custodial partnerships with Xapo, the world’s most respected cryptocurrency custodian.
As a result of the partnership, bitcoin held in cold storage on behalf of investors in XBT Provider’s ETN will now be secured by the most respected name in bitcoin security.
“The team of professionals at XBT Provider has deep expertise in digital currency and extensive experience in financial services. We are excited to partner with them as they make bitcoin broadly available to investors outside of the U.S.,” said Wences Casares, CEO of Xapo.
“In the last 60 days, XBT Provider’s exchange traded bitcoin note has experienced unprecedented volume in trading and demand from both retail and institutional investors searching for exposure to bitcoin. This trend has quickly doubled assets under management to over the $100 Million threshold,” says Jean-Marie Mognetti, Head of Trading and Operations at XBT Provider.
XBT Provider, which witnessed total assets under management double in the last 60 days and nearly triple in the last 6 months, is reiterating their constant commitment to security and transparency with this critical partnership.
“The addition of Xapo to our infrastructure is a critical step in ensuring that our products remain the most professional bitcoin investment products available to investors, globally,” says Ryan Radloff, Head of Investor Relations at XBT Provider.
This news comes on the heels of last month’s announcement that the U.K.’s largest broker listed Europe’s only bitcoin ETN on its digital platform; and is part of a recent string of positive developments in bitcoin, internationally.