Publicly-Traded Bitcoin Fund XBT Provider Resumes Trading Following Acquisition by Global Advisors

The XBT Provider instruments Bitcoin Tracker One (Ticker:
COINXBT) and Bitcoin Tracker EUR (Ticker: COINXBE) have resumed
trading in Stockholm after Nasdaq approved
Global
Advisors (Jersey) Limited

as the new guarantor of the Exchange Traded Certificates (ETC) with
XBT
Group

becoming a subsidiary of GAJL after its main stockholder, Bitcoin
miner firm KnC Miner, declared bankruptcy.

Trading of the company’s two instruments was halted by Nasdaq
Nordic on May 27. During the two-week absence of the instruments,
Bitcoin prices had risen by around $200.

Following the bankruptcy of KnC Miner, XBT Provider had
limited time with Nasdaq to find a new parent before the
products were delisted permanently. Now, however, with the Global
Advisors acquisition of XBT, the combined group will continue to
offer the publicly-traded bitcoin product.

“Global will also bring all the best practices learned via GABI
to XBT and share resources in an efficient way,” Daniel Masters,
co-founder and director of Global Advisors, told
Bitcoin Magazine

.

After 30-year careers in mainstream commodities and as managers
of the Global Advisors Commodity Investment Fund and the Global
Advisors Commodity Systematic Fund, the principals see opportunity
in Bitcoin as an emerging commodity and currency and believe that
Bitcoin will change the world.

“In concert with what the firm achieved in commodities, we will
follow the same pattern [by] explaining the investment thesis
behind Bitcoin, providing a team with appropriate expertise and a
series of vehicles fit for purpose,” Masters said. “Global Advisors
Bitcoin Investment Fund (GABI) is the only fully regulated Bitcoin
investment fund targeting institutions and in adding XBT we are
addressing the online retail and professional markets.”

He further added that by using interfaces such as Interactive
Brokers, Bitcoin exposure via XBT can be accessed in a single click
in 179 countries.

However, despite the fact that the XBT Group was the first to
market with a listed, freely tradable Bitcoin investment vehicle
listed on Nasdaq, the times have changed. Masters notes that as XBT
has grown there have been additional demands in respect of
compliance with AML (anti-money laundering), CFT (combating the
finance of terrorism) and KYC (know your customer), in addition to
compliance with Nasdaq rules.

“Global Advisors, with the benefit of the experiences with GABI,
is expert in all these areas,” he said. “In addition, the
algorithms XBT uses, the marketing network Global Advisors has
created over the last 16 years and the experience of the principals
will be shared across both products and future products.”

The Role of Bitcoin Tracker One and Bitcoin Tracker
EUR

Buying bitcoins can still be a complicated process, especially
for regulated entities or certain tax advantages funds like IRAs.
This is because the ecosystem of Bitcoin exchanges is segmented by
geography, currency, regulatory status and compliance rules.

With Bitcoin Tracker One and Bitcoin Tracker EUR, though, they
have been designed to provide investors with convenient and liquid
access to the returns of the underlying asset, Bitcoin.

“Global Advisors and XBT perform initial and ongoing research
and monitoring on these exchanges [so] we believe investors in the
XBT products will be shielded from the vagaries of any one
exchange,” said Masters. “Moreover, it is not practical for an
investor to manage multiple exchange accounts and thus benefit from
risk mitigation through such economies of scale, so the XBT
products, for a modest fee, offer significant protection.”

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