Nordea Bank Abp, Europe's largest financial group in the Nordics with €648 billion in managed assets, has reversed its previous ban on cryptocurrency investment products, allowing customers to trade a Bitcoin-linked exchange-traded product (ETP) starting December 2025. The synthetic ETP, manufactured by CoinShares International Limited, will be available on Nordea's platforms, but the bank clarified it will not provide any recommendations or advisory services for this product.
This shift follows Nordea's assessment that the cryptocurrency market has matured sufficiently, citing improved regulatory frameworks like the EU's Markets in Crypto-Assets (MiCA) regulation as a key enabler. "As the market has matured, Nordea has decided to allow customers to trade in an externally manufactured crypto-linked product on its platforms," the bank stated, highlighting that earlier cautious stances were due to inadequate investor protections and regulatory uncertainty.
The move aligns with broader trends in traditional finance, such as JPMorgan Chase & Co.'s acceptance of cryptocurrency-linked ETPs as loan collateral and plans to include direct Bitcoin and Ethereum holdings by December 2025. Additionally, a coalition of nine major banks, including Danske Bank, aims to issue a euro-pegged stablecoin by 2026, while the Basel Committee on Banking Supervision reviews guidelines for bank crypto activities. Nordea's initiative is expected to enhance institutional Bitcoin exposure and support mainstream adoption, though it proceeds without official endorsements.
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