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Global Advisors acquires XBT Provider, trading of bitcoin certificates resumes
XBT Provider, the operator of Bitcoin Tracker One and Bitcoin Tracker EUR, has announced it has been acquired by Global Advisors, adding that the trading of its exchange traded certificates (ETCs) resumed on Tuesday at Nasdaq Nordic in Stockholm.
The trading of the ETCs was halted last month following the filing for bankruptcy by KnC Group, XBT former owner and guarantor, CoinDesk reported. According to the press release, Nasdaq has approved Global Advisors as the new guarantor of the ETCs.
“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”, said Johan Wattenström, CEO and co-founder of the XBT Group said. “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.”
Bitcoin Tracker One and Bitcoin Tracker EUR are designed to mirror the return of the underlying asset, U.S. dollar (USD) per bitcoin, thereby providing convenient and liquid access to investors. XBT Provider is at all times fully hedged, and always holds bitcoins equivalent to the value of ETCs issued.
Global Advisors is a Jersey-based hedge fund specializing in digital currency. It has created the first institutional-grade Bitcoin investment strategy ("GABI"), which aims to provide exposure to the price movements of bitcoin while managing the risks which come with being involved in an exciting new market.
“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”, said Daniel Masters, Co-Founder and Director of GAJL. “We look forward to sharing with XBT the benefits our best-practices and experience managing the Global Advisors Bitcoin Investment Fund.”