Bitwise Ignites Nordic Crypto War with Nasdaq Stockholm ETP Launch

STOCKHOLM, SWEDEN – January 14, 2026 – Global crypto asset manager Bitwise has made a significant move into one of Europe's most advanced digital asset markets, listing seven of its crypto Exchange Traded Products (ETPs) on Nasdaq Stockholm. The launch marks a calculated escalation of the firm’s European expansion, introducing a suite of SEK-denominated products designed to offer Swedish investors regulated, mainstream, and potentially tax-advantaged access to the crypto market.

With over $15 billion in client assets globally, Bitwise's entry into the Nordics is far more than a simple product listing; it is a strategic charge into a highly competitive arena. The move directly challenges established players and signals the firm’s intent to capture a significant share of the burgeoning European crypto investment landscape. The expansion is bolstered by the appointment of two regional directors, Marco Poblete and Andre Havas, to lead the company's Nordic operations.

Cracking the Swedish Mainstream with Tax-Advantaged Access

A critical element of Bitwise's strategy is the denomination of its new ETPs in Swedish kronor (SEK). This detail is pivotal as it may allow the products to be held within Sweden's popular Investment Savings Accounts (ISK), a tax-advantaged wrapper widely used by retail investors on platforms like Avanza and Nordnet. ISK accounts simplify tax reporting by applying a standardized annual tax on the account's total value, rather than requiring investors to track and report individual capital gains and losses—a notoriously complex task for active crypto traders.

While Bitwise carefully notes that eligibility is subject to platform and instrument rules, the potential for ISK inclusion is a powerful draw. Competitors such as CoinShares XBT Provider, which pioneered the world's first Bitcoin ETP on Nasdaq Stockholm back in 2015, have long leveraged ISK eligibility as a key selling point. By offering SEK-denominated products, Bitwise is positioning itself to compete on equal footing for the Swedish retail market.

This development unfolds against a backdrop of evolving regulatory sentiment. In 2021, Sweden's Financial Supervisory Authority (Finansinspektionen) issued stern warnings, deeming crypto ETPs "unsuitable for most, if not all, retail consumers" due to high volatility and consumer protection concerns. However, the landscape has matured significantly since. The implementation of the European Union's comprehensive Markets in Crypto-Assets (MiCA) regulation has provided a clearer legal framework, granting regulators enhanced oversight and establishing rules for issuers. This shift towards "regulatory clarity and market maturity," as some analysts describe it, has created a more stable environment for established asset managers like Bitwise to offer regulated products.

A New Front in Europe's Crypto ETP War

Bitwise is not entering an empty field. The Nordic region, and Sweden in particular, is a fiercely contested battleground for crypto ETP providers. Despite its relatively small population, Sweden accounts for an estimated 25% of the entire European crypto ETP market, making Nasdaq Stockholm a premier venue for digital asset products.

The firm faces a roster of entrenched competitors. This includes the aforementioned pioneer CoinShares XBT Provider, the prolific Swiss issuer 21Shares, which boasts sixteen different crypto ETPs on the Stockholm exchange, and the regulated Swedish asset manager Virtune. These companies have spent years building their presence, offering a wide array of physically-backed products, many including staking rewards.

Bitwise's Nordic campaign is the latest step in an aggressive European growth strategy that kicked into high gear with the acquisition of London-based issuer ETC Group in August 2024. That deal immediately gave Bitwise a European foothold and over $1 billion in assets. Since then, the firm has systematically expanded its reach, listing products on the London Stock Exchange in April 2025 and the SIX Swiss Exchange in September 2025. The launch in Stockholm completes a trifecta of listings on Europe's most important ETP exchanges.

"The Nordic region represents one of Europe's most sophisticated and crypto-forward investment markets," said Bradley Duke, Head of Europe at Bitwise. "Our Nasdaq Stockholm listing brings institutional-quality products directly to Nordic investors in their local currency, aim to provide the transparency and security features they expect. We're committed to building a long-term presence in Sweden."

Beyond Bitcoin: A Diversified Arsenal for Sophisticated Investors

Setting itself apart in a crowded market requires more than just market access; it demands product innovation. Bitwise’s initial lineup of seven ETPs demonstrates a clear strategy to cater to a wide spectrum of investor appetites, moving well beyond simple Bitcoin trackers.

The offerings include two distinct Bitcoin products: the low-cost Bitwise Core Bitcoin ETP (BTC1), with an introductory expense ratio of just 0.05%, designed for long-term holders, and the flagship Bitwise Physical Bitcoin ETP (BTCE). For Ethereum exposure, the firm offers both a straightforward physical product and the Bitwise Ethereum Staking ETP (ET32), which aims to capture additional yield for investors by participating in the network's proof-of-stake consensus mechanism. A similar staking product is available for Solana with the Bitwise Solana Staking ETP (BSOL).

Perhaps most indicative of the market's maturation are the more complex products. The Bitwise MSCI Digital Assets Select 20 ETP (DA20) offers diversified exposure by tracking an index of the top 20 cryptocurrencies, which cover approximately 90% of the market. This provides a one-trade solution for investors seeking broad market exposure. Furthermore, the Bitwise Diaman Bitcoin & Gold ETP (BTCG) offers a novel hybrid strategy, dynamically allocating between the digital asset and the traditional safe-haven asset based on a proprietary index methodology.

This diverse product suite, coupled with an "education-first" engagement strategy, underscores Bitwise's focus on serving knowledgeable investors. The appointment of Marco Poblete, a crypto ETP industry veteran since 2018, and Andre Havas, with over 25 years in traditional asset management, creates a leadership team designed to bridge the gap between digital finance and institutional capital.

"Nordic markets represent the gold standard for democratized investing, with sophisticated investors who value education and transparency," noted Marco Poblete, the new Regional Director for the Nordics. "We're keen to establish a permanent presence in the Nordics to become a committed, long-term partner to Nordic institutions."

To back its products, Bitwise emphasizes its commitment to institutional-grade security, stating that all ETPs are 100% physically backed by assets held in cold storage by regulated custodians. The firm also publishes weekly independent audits of its holdings, providing a layer of transparency designed to build investor trust. As Bitwise prepares for a formal listing ceremony at Nasdaq Stockholm on January 21, the Nordic investment community will be watching closely to see how this new heavyweight contender reshapes the region's dynamic crypto landscape.