Santander, a leading financial institution in Spain, is preparing to offer a Bitcoin ETF to its customers in the country. This, while Spanish asset managers have been largely reluctant to embrace crypto products as part of their investment portfolio offerings to customers.

Santander Bitcoin ETF in Preparation

Santander will be giving the finishing touches to a Bitcoin ETF product in Spain, according to reports from local sources. This reportedly positions the company to be the only financial institution interested in offering this type of product to its customers in Spain. Santander’s Executive Chairman Ana Botín declared that the institution has had a team working on this offering for some time. She stated:

Our clients want to buy bitcoin, but we have been quite slow to adopt it due to regulatory issues. We are now about to offer crypto ETFs.

The fact is that most asset managers in Spain are still reluctant to put their funds in cryptocurrency-based investments, at least domestically. Spain’s BBVA is already offering bitcoin trading services to its users in Switzerland, due to the advanced cryptocurrency ecosystem and clear regulations the country offers. But crypto regulation in Spain is a whole different issue.

No Product Registered Yet

Botín could have been referring to the work they are doing on the ETF within the bank, because no product of this kind has been registered with the CNMV, the institution that oversees the securities market in the country. Botín also failed to offer any kind of timeline regarding the availability of this product.

The first cryptocurrency ETF approved in the U.S. stirred up demand from institutions that were waiting for a more traditional and regulated product to invest in cryptocurrencies. However, the vehicle approved was a bitcoin futures ETF, making its management costly and taking part of its charm away for small investors. Local investors in Spain agree that if a similar product gets approved, it should be a spot bitcoin ETF to minimize management costs.

Even so, some feel the importance and reach of such an important product for investing in bitcoin should not be overlooked, as it could give Santander an advantage when it comes to portfolio offerings. Other banks have failed to see the importance of such an offering, with CaixaBank, Sabadell, and Bankinter declaring they are still waiting for more regulation in the field.

What do you think about Santander’s Bitcoin ETF bid in Spain? Tell us in the comments section below.

Bitcoin News
News, BBVA, Bitcoin, CNMV, ETF, Regulation, Santander, Spain

shutterstock 659324809 1 1U2yg5

New Cryptocurrency Bill Advances to Senate in Brazil

A new cryptocurrency bill was approved by the Chamber of Deputies of the Brazilian Congress last week, and is now awaiting review by the Senate for approval. The project, if ...
Read More
shutterstock 2041962896 6krKZj

USDC Sees Native Launch on Avalanche

USDC, the second leading stablecoin by market cap, has been launched on the Avalanche blockchain as a native token. Previously, users wanting to get USDC in Avalanche had to bridge ...
Read More
zztidodf pkpJUN

Crypto Lender Nexo Launches NFT Lending Desk, Loans up to 20% for Popular NFTs

On December 16, the blockchain-based lending platform Nexo announced the firm has launched a non-fungible token (NFT) lending desk. While the company offered crypto-backed loans using tokens like bitcoin and ...
Read More
ffffffadidas VCTXpR

Adidas Reveals the Originals NFT Collection With Punks Comics, Gmoney, Bored Apes

On Thursday, the German multinational corporation Adidas announced the launch of the company’s first Adidas Originals NFT collection. The Adidas Originals NFT drop is in partnership with the Bored Ape ...
Read More
ledn VIDXJA

Lending Platform Ledn Launching Bitcoin-Backed Mortgage Product, Raises $70 Million

Global digital asset savings and credit platform Ledn has announced the upcoming launch of a bitcoin-backed mortgage product, calling it “the first product of its kind to hit the market.” ...
Read More
Share with Others