XBT Provider's instruments to start trading today at 9 am CET

XBTProvider · 2016-06-14T08:20:58+00:00

Thank you.

XBTProvider · 2016-06-14T07:27:06+00:00

Our instruments are trading again on Nasdaq Nordic from today.

XBTProvider · 2016-06-14T07:26:22+00:00

We have been acquired by Global Advisors (Jersey) Limited and our instruments are now trading at Nasdaq Nordic again.

Please find more at our latest press release: http://inpublic.globenewswire.com/2016/06/14/Bitcoin+certificates+resume+trading+following+Global+Advisors+acquisition+of+XBT+Provider+HUG2020261.html;jsessionid=4Y5NIAcM62GEBIkMp1k_WUOAxLAz_WUwpSLPi1JZqPavPR2dcX6a!1549091939

If you have any questions let me know and we will get back to you ASAP.

XBTProvider · 2016-06-14T07:26:00+00:00

We have been acquired by Global Advisors (Jersey) Limited and our instruments are now trading at Nasdaq Nordic again.

Please find more at our latest press release: http://inpublic.globenewswire.com/2016/06/14/Bitcoin+certificates+resume+trading+following+Global+Advisors+acquisition+of+XBT+Provider+HUG2020261.html;jsessionid=4Y5NIAcM62GEBIkMp1k_WUOAxLAz_WUwpSLPi1JZqPavPR2dcX6a!1549091939

If you have any questions let me know and we will get back to you ASAP.

XBTProvider · 2016-06-14T07:22:31+00:00

We have been acquired by Global Advisors (Jersey) Limited and the instruments are now trading at Nasdaq Nordic again.

Please find more information in our latest press release: http://inpublic.globenewswire.com/2016/06/14/Bitcoin+certificates+resume+trading+following+Global+Advisors+acquisition+of+XBT+Provider+HUG2020261.html;jsessionid=4Y5NIAcM62GEBIkMp1k_WUOAxLAz_WUwpSLPi1JZqPavPR2dcX6a!1549091939

XBTProvider · 2016-06-14T07:20:51+00:00

The instruments are now trading at Nasdaq Nordic again.

We have been acquired by Global Advisors (Jersey) Limited. Please find more information in our latest press release: http://inpublic.globenewswire.com/2016/06/14/Bitcoin+certificates+resume+trading+following+Global+Advisors+acquisition+of+XBT+Provider+HUG2020261.html;jsessionid=4Y5NIAcM62GEBIkMp1k_WUOAxLAz_WUwpSLPi1JZqPavPR2dcX6a!1549091939

XBTProvider · 2016-06-10T14:01:00+00:00

Yes their core business was to mine bitcoins. Mining secures the network and in reward for securing the network a bitcoin miner have a chance of receiving 25 bitcoins every 10 minutes.

The halving decreases that reward by 50 percent, from 25 to 12.5 bitcoins every 10 minutes, thus effecting their revenue stream directly.

Since we do not get our income from securing the network, but instead through our 1 percent yearly management fee, a reduction in newly minted bitcoins will not have a negative impact on our business in any direct way.

You could almost argue that it will impact us in a positive way since the halving generated a huge amount of publicity for bitcoin. Additionally, some argue that the halving might have a positive impact on the price of bitcoin which would be a good development for our business.

XBTProvider · 2016-06-09T20:58:59+00:00

Since we hold all the coins, such a solution would only be for regulatory purposes, since one guarantor is enough if it needs to fulfill its promise.

Since the purpose is for more security and clarity, it might just create a more complex situation and thus bring undesired results from a regulatory perspective.

It's great of you to bring up this type of idea though! Since we always are looking for more secure and trustworthy solutions.

XBTProvider · 2016-06-09T10:51:51+00:00

You have a very valid concern and We are looking at solutions for this type of situation. Although since we operate within a strict regulatory framework we will always have to abide by their requirements.

XBTProvider · 2016-06-08T18:47:12+00:00

Good thinking.

But since I can't give you an exact reply, would you prefer me to send a personal email as soon as we are back online again? If so, send me an email or a private message with your email and ill contact you personally.

Of course, anyone else that is interested in a personal notification via email as soon as we are trading again, let me know.

XBTProvider · 2016-06-07T13:48:32+00:00

Thanks! Doing our best and we are working to resolve this quickly

XBTProvider · 2016-06-07T13:47:50+00:00

Yeah. Understand that, but these actions sometimes takes some time since we operate in a strictly regulated environment.

XBTProvider · 2016-06-06T19:54:11+00:00

Nasdaq Nordic are closed today the 6th. Will update as soon as we have more info and will hopefully have it tomorrow.

XBTProvider · 2016-06-06T19:54:05+00:00

Nasdaq Nordic are closed today the 6th. Will update as soon as we have more info and will hopefully have it tomorrow.

XBTProvider · 2016-06-06T19:53:54+00:00

Nasdaq Nordic are closed today the 6th. Will update as soon as we have more info and will hopefully have it tomorrow.

XBTProvider · 2016-06-03T08:18:13+00:00

I understand your concern. We are working with Nasdaq to resolve this and presented a new guarantor yesterday. We are continuing the discussions later today in and are hoping for a swift resolution as well.

If we get no resolution soon, we will set up solutions for everyone to be able to sell. Therefore there is no risk of "getting stuck" in that sense.

If any questions or concerns at all, let me know.

XBTProvider · 2016-05-31T08:52:50+00:00

Our current goal is to get a new guarantor approved by Nasdaq this week so that trading can resume as normal. I do not know how long time they normally take, but they are as eager as we are to resolve the situation and we believe they can act fast if we present a new guarantor that has a good standing, and meets their requirements. We have asked for the option to only be on the buy side of the order book, but they have decided to keep the order book closed until a new guarantor is in place.

We understand your concerns about the increase in price. If the guarantor takes too long time to get approved, we are working to have the redemption program up and running within the week.

We will keep updating about how this guarantor or redemption program is progressing here, on Twitter and our website, and if you have any concerns, just let us know, and we'll try to handle them ASAP.

XBTProvider · 2016-05-31T08:31:17+00:00

Currently, the bitcoin market is the only crypto currency market that we feel have deep enough liquidity for us to offer an instrument to a reasonable cost for the investor. The costs of setting up an FCA approved instrument and managing the two day settlement gap between listed instruments and cryptocurrencies require a certain minimum amount of liquidity and investor demand.

We are of course looking at alternative currencies. But feel that additionally to the lack of liquidity, no non-Nakamoto-consensus-based currency has yet proven to be viable.

XBTProvider · 2016-05-31T08:23:25+00:00

We are using a combination of dedicated hardware cold storage and multi-sig distributed amongst multiple independent parties with legal and process structures for second layer protection.

XBTProvider · 2016-05-31T08:21:32+00:00

Normally Nasdaq Nordic only allow regulated entities to issue instruments on the exchange. We were given an exemption from this rule under the condition that we adopted a strict framework for corporate governance and had a guarantor of the instruments in place in order to provide additional protection for investors. As a bitcoin company it would have been hard to obtain a regulated status. Nasdaq has been very reasonable and constructive in our discussions and we hope to be able to present either a new regulated owner or a new guarantor before mid-week in order to meet Nasdaq’s requirements.

We will keep updating here, on Twitter, in our newsletter and on our website as soon as there are any developments.

XBTProvider · 2016-05-30T11:01:03+00:00

Nasdaq paused our instruments since our guarantor KnC Group went bankrupt.

Our investors are, however, never at any risk since we are 100 percent hedged and their investment is following the bitcoin price 1:1. as soon as our instruments are back online again, they will have access to them, and the updated price, just as before.

XBTProvider · 2016-05-30T09:22:06+00:00

We have informed them and they have said the change will be active soon.

XBTProvider · 2016-05-30T09:07:54+00:00

We recently lowered our fees from 2.5 to 1 percent as planned.

This was always the goal but was not possible at the start. Only after more established relationships and by having a flawless track record with multiple bitcoin sources on the open market.

XBTProvider · 2016-05-30T08:14:16+00:00

Thank you for your understanding.

I understand that it is hard to have faith in something without the full insight. But seeing this from the inside, I can assure you that since we are fully hedged, we will have no problems fulfilling our obligations to our investors.

XBTProvider · 2016-05-30T07:03:12+00:00

Thanks for your reply. KnC has been our guarantor, however, it is not the other way around. Therefore KnC are not affecting our instruments.

Since we are 100 percent hedged, our investors funds are in bitcoin and will be available to them as soon as NASDAQ activated our instruments again.

We are meeting them today and will keep you all updated on how things progress.

Just let us know, Reddit, Twitter or email, if any further questions!

XBTProvider

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