11 min readCoinShares is Europe’s leading alternative asset manager specialising in digital assets. We have been operating since 2014 and have in-depth knowledge of both crypto markets and traditional finance.
Our main offering is Exchange Traded Products (ETPs) that track the performance of various cryptocurrencies. We have two ETP product families: CoinShares XBT Provider in the Nordics, and CoinShares Physical in continental Europe.
CoinShares XBT Provider: Nordic’s #1 choice of crypto ETP
In 2015, CoinShares XBT Provider (formerly XBT Provider) launched the groundbreaking 'Bitcoin Tracker One' ETP, becoming the first open-ended security based on the performance of bitcoin available to investors on a traditional securities exchange. Regulated by the Swedish Financial Supervisory Authority (SFSA) and listed in Stockholm, CoinShares XBT Provider ETPs are designed to offer the benefits of exposure to cryptocurrencies in a traditional portfolio without the need for investors to handle the assets themselves, reducing the technological burden and risks of self-custody.
Fast forward to today, CoinShares XBT Provider offers two suites of ETPs:
The first suite, consisting of four different ETPs, tracks the prices of Bitcoin and Ethereum, with options available in both SEK and EUR. These ETPs have gained significant popularity, attracting over 100,000 investors and managing an impressive $3 billion USD in assets under management as of March 18, 2025.
The second suite, launched in May 2025, significantly expands the offerings available to Nordic investors with seven physically backed crypto ETPs, all denominated in SEK. This suite provides exposure to emerging yet well-recognized assets, including Cardano, Chainlink, Litecoin, Polkadot, Solana, Uniswap, and XRP.
Learn how Sweden became an innovation hub for crypto ETPs in Europe.
Structure & fees
The management fees for CoinShares XBT Provider ETPs vary based on the product type. For synthetic ETPs, the fees stand at 2.5% per annum. For physical ETPs, management fees start from 0.0% per annum and can go up to 1.5%, depending on the product. Like all ETPs, these fees accrue on a daily basis.
CoinShares XBT Provider ETPs are designed to be the most convenient way for Nordic investors to gain exposure to bitcoin or ether in their existing portfolio. Because the ETPs trade on exchange, investors can purchase the ETPs through traditional banks and brokers, just like stocks, during regular market hours. This avoids many of the risks and fees associated with direct crypto exchanges, many of whom are not regulated.
CoinShares XBT Provider ETPs are available on popular broker platforms Avanza and Nordnet, and can be purchased within an Investingsparkskonto (ISK) Swedish savings account alongside other stocks, funds and certificates. Because all these investments can be held within the same account, it makes comparison and analysis of the entire portfolio much more straightforward.
Convenient exposure to crypto in your ISK account
CoinShares XBT Provider ETPs are designed to be the most convenient way for Nordic investors to gain exposure to bitcoin or ether in their existing portfolio. Because the ETPs trade on exchange, investors can purchase the ETPs through traditional banks and brokers, just like stocks, during regular market hours. This avoids many of the risks and fees associated with direct crypto exchanges, many of whom are not regulated.
CoinShares XBT Provider ETPs are available on popular broker platforms Avanza and Nordnet, and can be purchased within an Investingsparkskonto (ISK) Swedish savings account alongside other stocks, funds and certificates. Because all these investments can be held within the same account, it makes comparison and analysis of the entire portfolio much more straightforward.
For more information, check out the How to Buy page on our website.
CoinShares Physical: built for multi-asset portfolios
Launched in 2021, CoinShares Physical ETPs were first listed in Switzerland, before cross-listing to Germany, France and the Netherlands to serve a growing number of investors across continental Europe. Every CoinShares Physical ETP is 100% physically backed by crypto, and they combine innovative features like built-in staking rewards, with a robust bankruptcy-remote structure, competitive management fees and multiple layers of investor protection.
Structure and fees
CoinShares Physical Crypto ETPs physically buy and hold the actual cryptocurrency they are designed to track. The performance is therefore directly inextricably linked to the performance of that underlying asset.
The management fees for CoinShares Physical ETPs vary depending on the product, ranging from 0.0 p.a. to 1.5% p.a. These fees are annual but accrue on a daily basis.
Unlike some other physical crypto ETPs, CoinShares Physical ETPs prevent the commingling of assets between different products, safeguarding investors and limiting their exposure to the specific underlying digital asset.
For German investors, CoinShares Physical ETPs are structured to benefit from a specific tax status: German general tax on capital gains on securities (Abgeltungssteuer) currently sits at 25%, however for physical ETPs referencing assets such as gold and crypto, this tax doesn’t always apply if an investor holds the ETP for longer than a year (generally, at least a year and a day).
Staked ETPs: built-in staking rewards
CoinShares stands out as the only issuer to guarantee investors fixed and transparent staking rewards for PoS (Proof of Stake) crypto ETPs, ensuring that investors always have visibility into the process and outcomes. This is achieved via
a reduced management fee and;
the increase of the Coin Entitlement (the amount of actual crypto each share of the ETP entitles the investor to) by a pre-set percentage each day
To learn more about the unique structure of CoinShares’ Physical Staked ETPs check out our dedicated article.
Index ETPs: buy the market in a single product
The CoinShares Physical product family also includes Index ETPs. These products are designed to help investors gain exposure to a diversified range of crypto assets with a single trade.
Simplified market access: Crypto index ETPs offer investors exposure to a wide range of digital assets or themes, through one product, eliminating the need to pick and choose specific cryptos.
Risk mitigation with diversification: By spreading investments across various cryptocurrencies, CoinShares’ physically-backed crypto index ETPs help investors reduce the risk of loss from any single cryptocurrency's downfall.
Automatic rebalancing: CoinShares’ Crypto Index ETPs are rebalanced on a quarterly basis in line with the underlying index methodologies, providing passive exposure to a broad market or theme within the digital asset industry.
Learn more about how crypto index ETPs work.
Adding CoinShares Physical ETPs to your portfolio
CoinShares Physical ETPs are available to trade on popular broker platforms such as OnVista, Scalable, and Comdirect. They are also available to purchase in broker Savings Plans - a popular way for investors to regularly add crypto exposure to a diversified portfolio.
Visit the How to Buy page to choose your broker to start investing.
Learn more about CoinShares Physical products
Enhancing investor protection and transparency
Investor protection has always been at the heart of our product design and development. Proof of reserves for both CoinShares XBT Provider and CoinShares Physical ETPs are available to investors at any time.
An attestation of assets, conducted by the independent accounting company The Network Firm, verifies and confirms that the reserves of our ETPs are always collateralised by the requisite quantity of underlying digital assets.
Key risks
As with any investment, it is important to be aware of the risks involved in trading crypto ETPs.
Investors’ capital is at risk and investors may lose part or all of their investment, as investors are fully exposed to the price of the asset(s) that the ETP is designed to track.
Crypto ETPs are generally structured as debt securities, and not as equities.
The bid/offer prices of the ETP on an exchange will likely differ from the trading price of the underlying crypto
Past performance is not an indicator of future performance and investors should always seek professional advice to ensure an allocation to crypto fits with their overall goals and objectives.
Conclusion
From 2015 through to the present day, CoinShares has focused on providing investors with regulated exposure to the cryptocurrency market, offering a balance of innovation, investor protection, and convenience. The added transparency of daily proof of reserves and the flexibility of trading on your chosen brokerage platform has led to the success of two product families: CoinShares XBT Provider in the Nordics, and CoinShares Physical across continental Europe.
CoinShares XBT Provider ETPs have become the #1 way for Nordic investors to include bitcoin or ether in their portfolios through traditional banks and brokers, minimising the risks and fees associated with unregulated crypto exchanges. These ETPs are accessible on platforms like Avanza and Nordnet and can be integrated into Swedish Investingsparkskonto (ISK) savings accounts, simplifying portfolio management and analysis.
CoinShares Physical ETPs ensure asset segregation between products, protecting investors' interests and limiting their exposure to specific digital assets. In Germany, the ETPs can benefit from a favourable tax status if held for over a year, and CoinShares uniquely offers transparent staking rewards for proof-of-stake digital assets, combining reduced management fees with daily increases in the Coin Entitlement. Additionally, CoinShares Physical Index ETPs allow for diversified crypto asset exposure through a single trade.
