Scandinavia’s largest bank, Nordea, has reversed its long-held anti-crypto stance 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.
The Bitcoin ETP, created by digital asset investment firm CoinShares, will be backed by Bitcoin as its underlying asset, Nordea said in a statement on Thursday.
The bank clarified that the product will be available on an execution-only basis, meaning customers can purchase it through Nordea, but the bank will not provide investment advice.
According to Nordea’s half-year results released in July, the bank manages over $286 billion in assets and serves more than 10 million customers across the region.
Regulations drive Nordea’s change of heart
Back in 2018, Nordea made headlines for banning employees from buying or holding Bitcoin, citing the market’s lack of regulation. In later financial reports, the bank maintained that it had “no risk appetite or direct exposure to virtual currencies.”
Now, Nordea says its shift reflects the growing maturity and oversight of the crypto sector, pointing specifically to the European Markets in Crypto-Assets Regulation (MiCA) as a key influence.
“Nordea has closely monitored cryptocurrency trends but maintained a cautious approach due to the unregulated nature of crypto-assets and the lack of investor protection and supervision that characterized the early days of digital currencies,” the bank said.
“Against this background, Nordea remains open-minded to offering products and services to meet our customers’ needs as the environment matures.”
Rising demand also a driving factor
In addition to regulatory progress, Nordea said that growing demand for cryptocurrencies across the Nordic region was another major factor behind 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 represents an increase from 1.5 million holders last year. K33’s survey also found that 28% of respondents intend to purchase crypto within the next decade — a trend that could push ownership to around 6.4 million people by 2035, the firm projected.
