Nordea’s Bitcoin Synthetic ETP Launches in Nordics; MiCA Offer in 2025
Nordea will roll out its first Bitcoin Synthetic ETP across Sweden, Finland, Denmark and Norway in Q3 2023 via its execution-only platform. The Bitcoin Synthetic ETP uses a swap mechanism with high-quality cash and fixed-income collateral managed by Coinbase Custody and listed by Nordic Trustee under the ticker XBT. Looking ahead, Nordea plans a MiCA-compliant synthetic Bitcoin ETP in December 2025 in partnership with CoinShares. The move expands regulated crypto access for Nordic retail and institutional clients. It follows similar offerings from Nordnet and Valour and reflects strong market conditions highlighted by Coinbase’s revenue growth.
Bullish
By introducing a Bitcoin Synthetic ETP, Nordea lowers barriers to Bitcoin exposure for Nordic retail and institutional investors. The product uses high-quality collateral and a regulated structure under MiCA, boosting investor confidence and likely increasing demand for BTC in both the short and long term. Initial Q3 2023 launch and the 2025 MiCA-compliant offering will broaden market participation and set a precedent for other financial institutions. Traders may view the added regulated inflows as bullish, supporting Bitcoin’s price stability and potential upward momentum.