Bitcoin ETN is popular, and the demand for Bitcoin in the Swedish securities market is rising rapidly

The Winklevoss twins' Bitcoin ETF (COIN) was officially rejected by the U.S. Securities and Exchange Commission on March 10. However, the demand for Bitcoin in the mainstream stock market has increased instead of decreased.

Global Advisors, a UK-regulated investment management firm, previously launched two Bitcoin exchange-traded notes (ETNs) on the Nasdaq OMX Swedish exchange.

Daniel Masters, chief investment officer of Global Advisors, said in a recent interview with CNBC that given the recent surge in Bitcoin prices, investor demand for the two Bitcoin-based exchange-traded notes (ETNs) has risen sharply. Although Bitcoin prices have fallen by hundreds of dollars from their peak, they are still stable at $2,300, significantly higher than the $900 at the beginning of the year.

“Investor interest is rising”

Since the beginning of the year, the price of Bitcoin has soared by nearly 140%. In six months, the price of BTC has soared from $900 to $2,300. In an interview, Masters said that investor interest is soaring, especially brokers and fund managers who have purchased Bitcoin ETNs due to customer demand. In the past few months, Bitcoin has proved its practicality and its feasibility as a safe-haven asset, and many investment companies and individual investors are trying to buy Bitcoin.

XBT Provider, the most popular Bitcoin ETN in the Swedish market, has been approved by the Swedish Financial Supervisory Authority and is traded on the Nasdaq Stockholm Exchange. It is reported that each ETN represents one twentieth of a Bitcoin, and as of press time, the trading price of each XBT is about 98 euros. Swedish investors have begun to chase ETNs such as XBT Provider to invest in Bitcoin as a long-term investment and safe-haven asset.

Bitcoin Tracker One, another popular Bitcoin ETN in the Swedish market, is also currently traded on the Nasdaq Stockholm Exchange. Since last year, the price of Bitcoin Tracker One per share has increased from 26.3 euros to 96.44 euros, an increase of nearly 400%.

Bitcoin’s Growth in Sweden and Europe to Continue

Internationally, investor demand for Bitcoin is growing rapidly. Since last year, Bitcoin adoption has increased significantly. Japan has legalized Bitcoin, Australia has eliminated double taxation on Bitcoin, and the Philippines has recognized Bitcoin as a currency and remittance method, all of which have contributed to the growth of the global Bitcoin industry.

More importantly, as the Bitcoin exchange market has begun to be regulated by the government, hedge funds, institutional investors and large corporate groups have begun to show interest in Bitcoin.

Although the U.S. Securities and Exchange Commission’s (SEC) previous decision to reject a Bitcoin ETF disappointed U.S. investors, Bitcoin remains highly liquid in public and exchange markets around the world.

Masters believes that in the long term, Bitcoin's growth in Sweden and Europe will continue and demand for Bitcoin from institutional investors will continue to increase.