STOCKHOLM, Sweden., May. 27, 2016 -- At 1pm today, KnC Group representatives Samuel Cole and Marcus Erlandsson filed for bankruptcy at the District Court of Stockholm. KnC Group is the guarantor of the two Exchange Traded Notes issued by XBT ...
STOCKHOLM, Sweden., May. 27, 2016 -- At 1pm today, KnC Group representatives Samuel Cole and Marcus Erlandsson filed for bankruptcy at the District Court of Stockholm. KnC Group is the guarantor of the two Exchange Traded Notes issued by XBT Provider as well as majority shareholder.
The decision for KnC Group to file for bankruptcy is due to the impending halving of rewards for bitcoin mining, approximately post July 10, 2016. That event, given current market conditions, would result in an eroding and likely irreversible financial performance.
XBT Provider's assets are not affected by the bankruptcy. The notes are always fully hedged by holding the underlying (bitcoins) in secure storage.
"Since we are fully hedged at all times, investors should not be alarmed by developments in KnC Group" stated Johan Wattenström, XBT Provider's Co-Founder and Chief Executive Officer. "Our instruments have been set up from the start to handle these types of contingencies. Additionally, we have recently published our annual financial results, audited by PwC. These further underline our financial health".
Bitcoin Tracker One and Bitcoin Tracker EUR are designed to provide investors with convenient and liquid access to the returns of the underlying asset, bitcoin, and exposure to blockchain technology. XBT provider is at all times fully hedged, and always hold bitcoins equivalent to the value of ETNs issued. XBT Provider's prospectus is approved by the Swedish FSA (Finansinspektionen) and is available for trading on Nasdaq Nordic.
The full prospectus, as well as the audited annual report, is available on xbtprovider.com
ABOUT THE ISSUER: XBT PROVIDER
XBT Provider AB (publ) is a public limited liability company formed in Sweden with statutory seat in Stockholm. The issuer is incorporated under Swedish law and registered with the Swedish companies' registration office under registration number 559001-3313.
ABOUT THE MARKET MAKER: MANGOLD FONDKOMMISSION
Mangold Fondkommission is a Stockholm based brokerage and Investment bank. As a member of Nasdaq Stockholm, the company assists XBT Provider with clearing services and acts as a liquidity provider for Bitcoin Tracker One.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: XBT Provider AB via Globenewswire
Source(s) : XBT Provider AB
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