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Bitcoin ETF launch in Spain by Santander Bank

Updated: Aug 23, 2024
Published: Nov 10, 2021
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The Spanish multinational financial services firm Banco Santander plans to release a Bitcoin ETF soon in Spain. After the release of the first Bitcoin futures ETF in the US, it seems that crypto-based exchange-traded funds are getting extremely popular.

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Bitcoin ETF in Spain at final stages

According to reports, Spain is at the final stages of releasing its first Bitcoin and crypto-based exchange-traded fund. Although the regulatory authorities are currently reluctant to approve a Bitcoin-backed ETF, the president of the Santander Bank, Ana Botin calls the bank "a leader in crypto."
"We issue the first bond on the blockchain. We have a strong team working on it. Our clients want to buy bitcoin, but we have been quite slow to adopt it due to regulatory issues. Now we are about to offer cryptocurrency ETFs," said Botin in a statement to Bloomberg.
The report further stated that such crypto-based financial products hadn't been registered earlier in Spain, as confirmed by the National Securities Market Commission (NSMC). In Spain, it is a compulsion for the fund and the fund manager to register with NSMC, and it seems that Santander Bank is the first entity to register their BTC ETF.

The popularity of BTC ETF

With the release of the first Bitcoin futures ETF in the United States led by ProShares, the market appetite for crypto-backed ETFs is blowing off the roof. Furthermore, the regulatory authorities in Australia also gave the nod to their first cryptocurrency ETF, which ruled the Australian Securities Exchange, smashing all the existing records. A spot-based Bitcoin ETF is something that the United States SEC is still figuring out before approval.

In addition to this, Canada seeks to approve the first carbon-neutral Ethereum and Bitcoin spot ETFs that exist to change the game. This project is led by Purpose Investment who partnered with Patch for the implementation of carbon neutrality. However, the European Union is still unclear regarding the approval and application for a spot or future-based BTC ETF. 

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