Bitcoin has gained another big supporter as Nordea, the largest bank in the Nordic region plans to allow customers access to a Bitcoin-linked ETP.
The product is expected to launch in December and represents a major change for a bank that once refused to deal with crypto at all.
Nordea spent years keeping its distance from digital assets. Back in 2018, it banned employees from buying or holding Bitcoin and said that the market was unregulated and risky.
The Nordea Pivot
Things now appear to have changed. There are nowstronger rules and clearer supervision, not to mention growing customer demand, that have convinced the bank to move forward.
The new Bitcoin ETP is developed by CoinShares and it tracks the price of Bitcoin but doesn’t require users to own the actual cryptocurrency.
Instead, investors gain exposure to Bitcoin’s price through a familiar financial instrument available directly on Nordea’s platform.
Bitcoin Offering Will Be “Execution-Only”
Nordea has been careful to define the product’s scope. It calls the Bitcoin ETP an “execution-only offering.” That means customers can buy and sell the product through Nordea’s channels.
However, the bank won’t provide investment advice or recommendations.
This separation lets the bank meet demand without taking on advisory responsibility for an asset that still carries risks. It also shows how traditional financial institutions are easing into crypto. By providing access but not direct endorsement.
Nordea said the product is designed for experienced investors who want alternative asset exposure. The offering gives them a way to track Bitcoin’s price movements while staying in a regulated environment.
Why Nordea Changed Its Mind on Bitcoin
The change didn’t happen overnight. Nordea’s leadership cited its two main reasons as new regulations and rising demand.
The European Union’s Markets in Crypto-Assets Regulation (or MiCA) came into effect in December. This framework introduced rules for digital assets across the EU. It gave banks and investors more confidence by setting clear standards for licensing, investor protection and oversight.
For Nordea, MiCA’s introduction marked a turning point.
The bank said it has “closely monitored crypto trends” but had been careful because of the lack of supervision in earlier years. Now that regulation has matured, it feels safer offering crypto-related products to clients.
Customer Demand for Bitcoin Is Rising Across the Nordics
Regulation wasn’t the only reason for Nordea’s move. Interest in crypto investing across the Nordic region has grown as well.
A March survey by K33 estimated that around 2.1 million people in Denmark, Norway, Sweden and Finland own some form of crypto.
Millions of people in the Nordic region currently hold crypto | source: K33
That’s up from 1.5 million a year earlier. The same report found that 28% of respondents plan to buy crypto within the next decade, which could raise ownership to more than six million people by 2035.
This trend shows what’s happening elsewhere in Europe. Both institutional and retail investors are showing stronger interest in crypto-linked ETPs.
These vehicles offer a safer way to gain exposure to digital assets without managing private wallets or dealing with unregulated exchanges.
What the Bitcoin ETP Means for Investors
Nordea’s Bitcoin ETP will let investors participate in the crypto market using the same accounts they already use for other investments. The product is synthetic, which means that it mirrors Bitcoin’s price through financial contracts rather than direct ownership.
This setup reduces the need for investors to handle private keys or worry about wallet security.
It also keeps their holdings under existing banking rules and Nordea’s decision to limit the product to execution-only trading shows that it is still being careful.
It is giving clients the freedom to buy but reminds them that crypto assets can still be volatile.
Source: https://coinpaper.com/12037/bank-that-once-shunned-crypto-is-planning-a-new-bitcoin-etp
