Santander is set to provide a Bitcoin ETF for its Spanish customers. This is a significant change from the traditional Spanish approach of asset managers who have been reluctant to accept crypto products in their portfolios.
Santander Bitcoin ETF is in Preparation
According to local reports, Santander will finish a Bitcoin ETF product for Spain. According to local sources, this makes Santander the sole financial institution that is interested in selling such a product to 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 said:
We have clients who want to buy Bitcoin, however we have not been able to do so due to regulatory problems. We will soon offer crypto ETFs.
It is a fact that many asset managers in Spain remain hesitant to invest in crypto-based assets, even if they are allowed to do so 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. Crypto regulation in Spain, however, is quite another matter.
There is 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.
In the U.S., the first cryptocurrency ETF was approved. This sparked interest from institutional investors who were looking for more traditional products to help them invest in cryptocurrencies. The vehicle that was approved had been approved as a bitcoin futures ETF. This made its management difficult and took away some of the appeal for smaller investors. Spanish investors agree that, if similar products are approved it should be spot bitcoin ETFs to reduce management costs.
However, many feel that such an important product to invest in bitcoin must not be ignored. This could allow Santander to have a competitive advantage when it is time for portfolio offerings. CaixaBank Sabadell and Bankinter have both stated they don’t believe such an offering is important.
What do you think about Santander’s Bitcoin ETF bid in Spain? Leave a comment below.
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