KnC Group filing for bankruptcy not a risk for investors assets in XBT Provider
(Thomson Reuters ONE) -
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.
Press release (PDF):
http://hugin.info/169069/R/2016302/747761.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: XBT Provider AB via GlobeNewswire
[HUG#2016302]
Unternehmensinformation / Kurzprofil:
Datum: 27.05.2016 - 18:32 Uhr
Sprache: Deutsch
News-ID 474156
Anzahl Zeichen: 3076
contact information:
Town:
Stockholm
Kategorie:
Business News
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Die Pressemitteilung mit dem Titel:
"KnC Group filing for bankruptcy not a risk for investors assets in XBT Provider"
steht unter der journalistisch-redaktionellen Verantwortung von
XBT Provider AB (Nachricht senden)
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