Jersey-based asset manager acquires Swedish issuer of bitcoin ETN

NEW YORK Asset management firm Global Advisors (Jersey) Limited said on Tuesday it has acquired XBT Provider, a Swedish publicly-listed company that launched the world’s first bitcoin-backed exchange traded note.

Global Advisors’ co-founder Daniel Masters declined to disclose the terms of the acquisition, but said the company has taken over XBT’s two ETN products called Bitcoin Tracker One and Bitcoin Tracker Euro.

Both ETNs are available on the NASDAQ/OMX in Stockholm and are accessible in 179 countries.

“It can be hard for some investors to access the bitcoin market,” said Masters in an interview with Reuters on Tuesday. “This gives one-click access to bitcoin by anyone on an electronic trading platform that can access Nasdaq’s global marketplace.”

Global Advisors is based on the Island of Jersey, the largest of the Channel Islands and a self-governing British Crown dependency.

An ETN is a debt security with a maturity date, backed by the credit of the issuer. It’s designed to provide investors access to the returns of a market benchmark.

The acquisition came after the KnC, a Swedish bitcoin miner, filed for bankruptcy about two weeks ago,

Read more ... source: TheBitcoinNews