Scandinavia’s largest bank, Nordea, has reversed its long-held stance on crypto amid rising adoption and clearer regulations, announcing that customers will soon be able to access an external Bitcoin-linked exchange-traded product (ETP) starting in December.
Developed by digital asset investment firm CoinShares, the Bitcoin ETP will be backed by Bitcoin as its underlying asset, Nordea said in a statement on Thursday.
The product will be available on an execution-only basis, meaning customers can purchase the ETP through Nordea, but the bank will not provide investment advice related to it.
Nordea manages more than $286 billion in assets and serves over 10 million customers, according to its half-year results released in July.
From ban to Bitcoin
In 2018, Nordea made headlines for banning employees from buying or holding Bitcoin, citing the crypto market’s lack of regulation. The bank repeatedly emphasized in later reports that it had “no risk appetite or direct exposure to virtual currencies.”
That stance has shifted as the regulatory landscape matures. Nordea said its decision reflects the impact of growing oversight and market stability, highlighting the European Markets in Crypto-Assets Regulation (MiCA) as a key factor.
“Nordea has closely monitored cryptocurrency trends but has historically taken a cautious approach due to the unregulated nature of crypto-assets and the limited investor protection and supervision available in the early days of digital currencies,” the bank explained.
“Against this background, Nordea remains open-minded to offering products and services to meet our customers’ needs as the environment matures.”
Demand driving the shift
Beyond regulatory clarity, Nordea said rising demand for cryptocurrencies across the Nordic region also played a major role in its decision to offer the Bitcoin ETP.
“The market for crypto-related investment products, especially exchange-traded products, with a cryptocurrency as the underlying asset, has grown rapidly in Europe as institutional and retail investors seek to gain exposure to digital assets within established financial markets.”
According to a March survey by digital asset firm K33, around 2.1 million people across the Nordic countries — including Denmark, Norway, Sweden, and Finland — currently own cryptocurrencies, out of a total population of roughly 28 million.
This marks an increase from 1.5 million holders last year. K33’s survey also found that 28% of respondents plan to purchase crypto within the next decade — a trend that could see ownership rise to around 6.4 million people by 2035, the firm estimated.
