Swedish Crypto Asset Manager Brings Avalanche and Cardano ETPs to Finland

• Asset manager Virtune has added two more crypto ETP products – Virtune Avalanche ETP and Virtune Staked Cardano ETP on Nasdaq Helsinki.
• Both products would be 100% backed by their underlying assets and would be fully collateralized and denominated in EUR for Finnish investors. 

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Swedish asset manager Virtune has expanded its crypto offerings to investors in Finland with a new launch of Avalanche and Cardano-related Exchange Traded Products (ETPs) on the Nasdaq Helsinki.

More About the Cardano and Avalanche ETP

According to the report, investors would have a direct 1:1 exposure to Avalanche with a 1.49% annual management fee. Additionally, the product would be completely backed by AVAX and would be denominated in EUR.

Cardano ETP would also provide the benefit of staking rewards in addition to providing direct exposure to the underlying assets. Just like Avalanche, the Virtune Staked Cardano ETP would be 100% physically backed and collateralized. Also, it would be denominated in EUR.

This massive initiative follows a previous announcement by the asset manager to introduce an ETP for the top cryptos – Bitcoin, Ethereum, Solana, XRP, and Crypto Altcoin Index, as noted in our earlier post. According to the report, this is part of the broad mission to meet the growing needs of the Finnish investors.

Commenting on this, the CEO of Virtune, Christopher Kock, highlighted that these ETP products would be accessible to brokers and various banks.

After successfully introducing Finland’s first crypto ETPs on Nasdaq Helsinki two weeks ago, we are pleased to expand our local offering in Finland by announcing the listing of the first Avalanche ETP and Staked Cardano ETP on Nasdaq Helsinki. These innovative products are 100% physically backed, with AVAX and ADA securely stored in cold storage with our custodian, Coinbase. They are accessible to both institutional and retail investors through various brokers and banks.

Price Actions

Following this announcement, ADA has surged by 1.5% in the last 24 hours to trade at $0.76. However, its weekly returns remain negative as it declines by 20%. According to analyst Ali Martinez, ADA could soon embark on a parabolic surge.

Elaborating on this, the analyst highlighted that ADA recorded an impressive surge from $0.1 to more than $3 in the previous cycle. Fascinating, the asset appears to be imitating that move as it prepares for a “monster parabolic rally.” In a nutshell, he expects ADA to hit $15 this cycle. Amidst the backdrop of this, Cardano whales have been aggressively accumulating the asset, as highlighted in our previous article.

According to another analyst identified as CryptoRus, ADA’s chart looks bullish as its strong fundamentals and increasing adoption could be the major catalyst.

AVAX was also trading at $26 at press time after declining by 0.4% in the last 24 hours and 20% in the last seven days. Meanwhile, analyst Grronk believes that AVAX could reach $130 “faster than investors could imagine.”

As we reported in December, this analyst highlighted that AVAX is highly correlated with Ethereum and could take advantage of the potential explosive run of the second-largest asset. Meanwhile, analyst Kaleo expects the price to hit $50 and subsequently targets a higher price level from this position.