Nordea Bank Abp (Nordea) has announced that it will offer its customers access, from December 2025, to a synthetic exchange-traded product (ETP) whose underlying asset is Bitcoin (BTC). According to Nordea's official announcement, the product will be manufactured externally by CoinShares International Limited and made available through Nordea's execution-only platform. Under this model, customers may trade the product, but Nordea will not offer advisory services on it.
The approval marks a significant moment not just for Relai, but for the broader Bitcoin ecosystem in Europe. The MiCA regulation, which came into effect earlier this year, establishes uniform rules for crypto companies across the EU, aiming to increase investor protection and reduce regulatory fragmentation between member states. While large exchanges like Binance and Coinbase are still navigating the complex licensing process, Relai's early authorization gives it a head start as one of the first Bitcoin-only firms to achieve compliance.