Crypto ETP issuers in Europe: structure, documents and costs

What is a crypto ETP issuer?

A crypto ETP issuer is the company that creates the security and owes its holders the payment set out in the product terms. The exchange is where that security trades, and the broker gives the investor access to it. Those are different roles, even when they appear together on a broker's product screen.

Crypto ETPs traded on Nasdaq Stockholm and Xetra come from several issuers, including Virtune. Virtune AB (publ) is based in Sweden, and its current base prospectus is dated 2 April 2026.

For example, Virtune Bitcoin Prime ETP gives exposure to Bitcoin through a security held in a brokerage account. It trades as VIRBTCP on Nasdaq Stockholm and VRTB on Xetra. The issuer arranges the Bitcoin backing; the investor does not need to manage the underlying Bitcoin's private keys.

Where is the list of issuers?

The exchange's own product list is the starting point for the securities on that venue. Nasdaq publishes its ETN/ETC segment, and Deutsche Börse publishes new ETP listings on Xetra. A current venue directory identifies securities on that market; new-listing announcements identify recent admissions rather than every security still trading. Neither type of exchange record establishes that every broker offers every security.

The European broker guide covers that second step: whether a broker serves the investor's country, accesses the venue and makes the particular product available. A search by full product name or the exact listing's ticker distinguishes otherwise similar Bitcoin or crypto-index entries.

Price tracking and collateral

Two securities can track Bitcoin and give their holders different rights. One question is how the payment follows Bitcoin's price. Another is whether the issuer has pledged assets for holders. Synthetic price exposure does not, by itself, tell the reader whether the security has collateral.

With Virtune's physically backed and secured products, Virtune pledges the underlying crypto-assets for holders. A collateral agent represents holders in matters concerning those assets. The physical-versus-synthetic explanation distinguishes this pledge from an issuer buying crypto-assets to hedge its own payment exposure.

That distinction changes the route to payment if the issuer cannot pay. Recovery depends on the assets available, sale costs, the order in which claims are paid and any shortfall.

Who holds the crypto-assets?

The custodian holds the crypto-assets backing the security. The investor instead holds the security through a brokerage account. For Virtune Bitcoin Prime ETP, the custodian is Coinbase Custody Trust Company LLC. A custodian named for one product is not automatically the arrangement for every security in an issuer's range.

Custody identifies who holds the crypto-assets. The pledge gives holders rights to those assets if the issuer cannot meet its payment obligations. Both matter when reading a product's construction. A statement about storage technology alone does not establish the holder's legal rights to the assets.

Which document answers which question?

The base prospectus identifies the issuer and explains the programme's general terms and risks. Final Terms identify the specific security and complete its product terms. A key information document, or KID, gives retail investors a shorter account of the product, risks and costs.

Virtune's base prospectus was approved by Finansinspektionen, Sweden's financial supervisory authority. This is approval of the document, not ongoing supervision of the issuer, product or custody. The EU rules explanation sets out that distinction and the separate PRIIPs disclosure requirement.

Fees, trading costs and staking terms

For Virtune Bitcoin Prime ETP, the annual product fee reduces the Bitcoin amount represented by each ETP over time; it is reflected in the product rather than separately billed by the broker. The product's key information document states the fee. It is only one cost. A broker may charge commission, an exchange quote has a bid-ask spread, and a trade in a currency different from the investor's cash account may involve conversion. The costs explanation shows how these affect an ETP holding.

Costs when buying Virtune Bitcoin Prime ETP

Cost	Who determines the cost?	When
Brokerage commission	Broker	On purchases and sales where the broker charges commission
Difference between buy and sell prices (spread)	Market	When you buy or sell; included in the quoted price, not billed separately
Management fee, 0.25% per year	Issuer	Ongoing, from the product's value
Currency conversion	Broker, if applicable	When account cash must be converted into the currency used for the trade

A staked product adds another contractual question: how much of the network's variable rewards is allocated to the holding, and what commission or cap applies? The staking explanation shows how allocated rewards increase the crypto-asset amount represented by each ETP. The exact allocation comes from each product's own Final Terms, rather than a shared yield assumption.

Different crypto exposures within one issuer's range

The underlying asset or index is as important as the issuer name. Virtune Crypto Top 10 Index ETP SEK follows a defined multi-asset index, while Virtune XRP ETP follows XRP. The investor holds securities linked to those assets, not crypto-assets that can be spent or used on their networks.

Comparing issuers therefore starts with the particular security and its documents, followed by the costs and access route. A familiar brand, a shared venue or the same underlying asset cannot answer those questions on its own.