Virtune
Virtune is a Swedish regulated crypto asset manager that issues 23 physically backed crypto ETPs across seven European exchanges, serving over 160,000 investors via broker platforms such as Avanza, Nordnet, XTB, and Smartbroker, with revenue from AUM-based management fees (0.95-2.50%) and staking-yield retention.
- Company typePrivate
- Founded2022
- HeadquartersSegeltorp, Sweden
- Headcount11–50
- GTM typeB2B and B2C
- OfferingServices
What Virtune does
Virtune AB (Publ) is a Swedish regulated crypto asset manager founded in 2022 and headquartered in Stockholm. The company issues physically backed crypto Exchange Traded Products (ETPs) — listed securities that give investors direct exposure to underlying crypto assets held in institutional cold storage — and distributes them through regulated European exchanges and conventional broker platforms. As of mid-2026, Virtune operates 23 ETPs across seven venues including Nasdaq Stockholm, Nasdaq Helsinki, Deutsche Börse Xetra, the Warsaw Stock Exchange, Euronext Amsterdam/Paris, and Boerse Stuttgart, serving more than 160,000 retail and institutional investors and commanding approximately 93% market share of crypto ETN trading volume on Nasdaq Nordic year-to-date 2026.
Each ETP is 100% physically backed, with collateral held in cold storage at Coinbase Custody (with BitGo Europe GmbH added as a second custodian in April 2026) and verified on-chain through Chainlink Proof of Reserve. The product set spans single-asset ETPs across major and long-tail crypto (Bitcoin, Ethereum, Solana, XRP, BNB, Cardano, Polkadot, NEAR, Chainlink, Avalanche, Polygon, Arbitrum, Litecoin, Stellar, Sui, Hyperliquid, Bittensor), four index products (Crypto Top 10 Index, Coinbase 50 Index, Crypto Altcoin Index, Stablecoin Index), and five staking-yield variants (Staked Ethereum, Solana, Cardano, Polkadot, NEAR) that add 1-3% annual yield via non-custodial staking. The company operates under an EU-approved base prospectus regulated by Finansinspektionen with MiFID II compliance, holds a MiCA license from BaFin, and is audited by Öhrlings PricewaterhouseCoopers AB.
Virtune's revenue model is management fees on assets under management, ranging from 0.95% on single-asset ETPs to 1.95-2.50% on index products, plus retention of approximately 25% of staking rewards on its staked ETPs. The go-to-market is brokerage-led rather than direct-to-crypto-exchange: investors buy ETPs through conventional accounts at Avanza, Nordnet, XTB, Smartbroker, Comdirect, Scalable Capital, Interactive Brokers, and 20+ other brokers — eliminating the need for wallets, private keys, or crypto exchange onboarding. Distribution is supplemented by athlete brand ambassadors (Truls Möregårdh in Germany, Petter Northug in Norway), a dedicated institutional sales function, and market-maker and Authorized Participant relationships (Flow Traders, Raiffeisen Bank International, Jane Street, Virtu Financial, Enigma Securities, DRW Europe). AUM has scaled from approximately $231M (website snapshot) to as much as $450M+ cited in October 2025 Chainlink press materials, and the company recorded its first profitable full year in 2025.
Virtune firmographics
Firmographics- Name
- Virtune
- Legal name
- Virtune AB (Publ)
- Website
- https://virtune.com
- Company type
- Private
- Founded year
- 2022
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Virtune is a Swedish regulated crypto asset manager that issues 23 physically backed crypto ETPs across seven European exchanges, serving over 160,000 investors via broker platforms such as Avanza, Nordnet, XTB, and Smartbroker, with revenue from AUM-based management fees (0.95-2.50%) and staking-yield retention.
- Ownership category
- akta.pro rank
Virtune industry classification
Industry- Product category
- Crypto Asset Management
- NAICS
- Securities and Commodity Exchanges (523210), Securities and Commodity Exchanges (52321), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Spot Crypto Exchanges (Order-Book & Matching Engine) (FSADAAAA)
- akta.pro secondary industries
- Staking & Earn Programs (Exchange-Operated) (FSADAAAH), Crypto Custody & Exchange Wallet Services (Integrated) (FSADAAAG)
Keywords
Where Virtune is headquartered
LocationHeadquarters
- HQ city
- Segeltorp
- HQ country
- Sweden
- HQ region
- Europe
Offices1 record
Markets served
Virtune business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure, Others
Revenue model
- Management Fees on AUM: Virtune charges annual management fees ranging from 0.95% to 2.50% on assets under management across its 23 crypto ETPs. Fees vary by product: single-asset ETPs (e.g., Bitcoin, Ethereum, Solana) charge 0.95%; index ETPs (Coinbase 50 Index, Crypto Top 10) and BNB ETP charge 1.95%; Crypto Altcoin Index ETP charges 2.50%. Staking ETPs generate additional yield for investors from blockchain staking rewards, of which a portion (approximately 25%) is retained by Virtune, the custodian, and the staking provider.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Single-asset ETPs (Bitcoin, XRP, Solana, BNB, Chainlink, Arbitrum, Polygon, Litecoin, Sui, Avalanche, Stellar, Cardano, Polkadot, NEAR, Bittensor, Hyperliquid, Staked Ethereum, Staked Solana, Staked Cardano, Staked Polkadot, Staked NEAR, Bitcoin Prime) |
| Subscription | Annual | Index ETPs: Virtune Coinbase 50 Index ETP, Virtune Crypto Top 10 Index ETP, Virtune BNB ETP |
| Subscription | Annual | Virtune Crypto Altcoin Index ETP |
| Subscription | Annual | Virtune Stablecoin Index ETP |
| Other | Pay-as-you-go | Staking rewards on Staked ETPs |
Go-to-market motion3 records
Distribution channels8 records
Marketing channels6 records
Virtune product offering
Product offeringCore offering
Virtune is a regulated Swedish crypto asset manager that issues 100% physically backed crypto Exchange Traded Products (ETPs) listed on European regulated exchanges. The company offers 23 ETPs across single-asset, index, and staked categories, enabling retail and institutional investors to gain crypto exposure through regular brokerage accounts without needing crypto wallets, exchanges, or private keys. Underlying assets are held in cold storage with Nasdaq-approved custodians and verified on-chain via Chainlink Proof of Reserve.
Product overview
Virtune is a regulated Swedish crypto asset manager offering a portfolio of 23 physically backed crypto Exchange Traded Products (ETPs) traded on European regulated exchanges. The product lineup consists of single-asset ETPs (Bitcoin Prime, Bitcoin, Ethereum, Staked Ethereum, XRP, Solana, Staked Solana, BNB, Stellar, Chainlink, Arbitrum, Polygon, Cardano, Staked Cardano, Avalanche, Litecoin, NEAR, Staked NEAR, Hyperliquid, Bittensor, Sui), index ETPs (Crypto Top 10 Index, Crypto Altcoin Index, Coinbase 50 Index, Stablecoin Index), and staked variants that generate additional yield. All products are 100% physically backed with assets held in cold storage at Coinbase, verified through Chainlink Proof of Reserve, and trade on Nasdaq Stockholm, Nasdaq Helsinki, Deutsche Börse Xetra, Warsaw Stock Exchange, and Euronext exchanges.
Differentiator
Problem solved
Functional benefit
Products and services
- Virtune Bitcoin ETP / Bitcoin Prime ETP
- Virtune Staked Ethereum ETP
- Virtune XRP ETP
- Virtune Coinbase 50 Index ETP
- Virtune Crypto Altcoin Index ETP
- Virtune Staked Solana ETP
- Virtune Crypto Top 10 Index ETP SEK
- Virtune BNB ETP
- Virtune Bittensor ETP
- Virtune Stellar ETP
- Virtune Chainlink ETP
- Virtune Arbitrum ETP
- Virtune Polygon ETP
- Virtune Staked Cardano ETP
- Virtune Avalanche ETP
- Virtune Litecoin ETP
- Virtune Staked NEAR ETP
- Virtune Sui ETP
- Virtune Hyperliquid ETP
- Virtune Staked Polkadot ETP
- Virtune Stablecoin Index ETP
Quantifiable outcome
- 93% market share of crypto ETN trading volume on Nasdaq Nordic year-to-date 2026
- +5 more outcomes
Companies that use Virtune
Customer profileNamed customers6 records
Segments3 records
Ideal customer profiles3 records
Virtune technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
Feature4 records
Virtune partnerships and signals
Strategic signalPartnerships
13 partnerships are on record, tiered core and minor.
- BitGo Europe GmbHcoreBitGo Europe GmbH (MiCA-licensed by BaFin) was added as an additional custodian for three selected Virtune crypto ETPs, operating alongside existing custodian Coinbase Custody Trust Company. BitGo provides up to $250 million in insurance coverage and institutional-grade cold storage. The partnership expanded Virtune's custody capabilities within its ETP structure, effective April 30, 2026. BitGo was subsequently appointed as custodian for Virtune's Stablecoin Index ETP.
- Coinbase Custody Trust Company LLCcoreCoinbase is Virtune's primary custodian for all its crypto ETPs, holding underlying assets in cold storage (offline). Coinbase provides institutional-grade custody with physical security. Virtune's products are priced through coin entitlement to crypto assets stored with Coinbase before new ETPs are created. Coinbase was among the first custodians approved by Nasdaq for crypto ETP custody.
- ChainlinkcoreVirtune implemented Chainlink's Proof of Reserve across all its crypto ETPs (covering over $450 million in assets). Chainlink provides real-time, tamper-proof on-chain verification that Virtune's holdings always fully match the value of each product. Investors can independently verify reserve backing via Chainlink's data feeds on Optimism.
- Flow Traders B.V.coreFlow Traders B.V. serves as the market maker for Virtune's ETPs across European exchanges, providing continuous liquidity for trading. Flow Traders is a private limited liability company incorporated in the Netherlands and part of Flow Traders Group, listed on Euronext Amsterdam.
- MarketVector IndexescoreMarketVector Indexes serves as Virtune's index provider for its index-based ETPs (Virtune Coinbase 50 Index ETP, Virtune Crypto Top 10 Index ETP, Virtune Crypto Altcoin Index ETP, and Virtune Stablecoin Index ETP). MarketVector is a regulated Benchmark Administrator incorporated in Germany and registered with BaFin.
- Raiffeisen Bank International AGcoreRaiffeisen Bank International AG was appointed as the market maker providing continuous liquidity for Virtune's spot crypto ETPs listed on the Warsaw Stock Exchange in Poland.
- The Law Debenture Trust Corporation PLCcoreThe Law Debenture Trust Corporation PLC serves as the Collateral Agent for Virtune's ETPs, whose purpose is to protect and represent investors in the products. The collateral is stored separately in cold storage at Virtune's custodian.
- Jane Street Financial LimitedcoreJane Street Financial Limited serves as an Authorized Participant for Virtune's ETPs. Authorized Participants are financial institutions authorized to create and redeem ETP units directly with the issuer, enabling efficient arbitrage and liquidity.
- Virtu Financial Ireland LimitedcoreVirtu Financial Ireland Limited serves as an Authorized Participant for Virtune's ETPs. It is authorized and regulated by the Central Bank of Ireland and operates as part of the Virtu Financial group.
- Enigma Securities LimitedminorEnigma Securities Limited serves as an Authorized Participant for Virtune's ETPs. It is authorized and regulated by the FCA in the United Kingdom.
- DRW Europe B.V.minorDRW Europe B.V. serves as an Authorized Participant for Virtune's ETPs. It is registered with the Dutch financial markets authority and is a subsidiary of DRW Holdings, LLC, a diversified trading firm active in digital currencies.
- XTBcoreXTB is a key broker partner enabling Polish investors to access Virtune's spot crypto ETPs listed on the Warsaw Stock Exchange. XTB provides the trading platform for PLN-denominated crypto ETP trading in Poland.
- SmartbrokercoreVirtune partnered with Smartbroker (Germany) to offer commission-free buying and monthly savings plans for selected crypto ETPs. This partnership aims to make investing in crypto assets more accessible, secure, and cost-efficient for German investors.
Scale indicators10 records
Recent moves6 records
Expansion highlights7 records
Virtune competitors and assessment
Company assessmentDirect peers
- 21Shares: Swiss-based crypto ETP issuer offering one of the broadest product ranges in Europe across single-asset, index, and staking crypto ETPs. Directly comparable as both compete for European retail and institutional broker distribution on the same venues.
- CoinShares: European crypto asset manager and ETP issuer with products listed on European exchanges including Nasdaq Nordic. Direct competitor offering single-asset and index crypto ETPs with similar broker distribution strategies.
- ETC Group: European crypto ETP issuer focused on physically backed single-asset products listed across Deutsche Börse Xetra and other European venues. Comparable as a niche competitor targeting similar European retail and institutional broker channels.
- WisdomTree: Established European ETP issuer with crypto single-asset products listed on European exchanges including LSE and Borsa Italiana. Direct competitor in the regulated crypto ETP category with broader traditional finance distribution.
- Hashdex: Crypto index and ETP manager offering diversified crypto baskets with European and US listings. Comparable through index-based crypto exposure products targeting similar institutional and advisor channels.
Emerging players
- Bitwise Asset Management: US-focused crypto asset manager with European ETP expansion. Comparable through product overlap (single-asset and index crypto ETPs), though primarily distributed via US advisor channels.
- XTB Provider AB (now part of CoinShares): Pioneer European Bitcoin ETP issuer acquired by CoinShares; its XBT Provider products were among the first crypto ETPs listed on Nasdaq Nordic. Historical comparable given shared heritage of European crypto ETP issuance targeting Nordic retail investors.
Broad incumbents
- Grayscale Investments: Largest crypto asset manager globally with a broad product range including spot crypto ETPs and trusts. Comparable as a crypto ETP issuer, though primarily US-distributed and operates at materially larger scale.
- BlackRock (iShares): World's largest asset manager with spot Bitcoin and Ethereum ETFs (IBIT, ETHA). Indirect competitor via institutional flow competition and broader market-making presence, though focused primarily on US spot ETFs rather than European crypto ETPs.
- Invesco: Global asset manager with crypto ETP offerings (e.g., Invesco CoinShares Bitcoin ETF in Europe). Comparable through European-listed crypto ETPs distributed via traditional finance broker channels.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Virtune social profiles
Digital presenceVirtune compliance and trust
Trust signalCompliance3 records
Virtune financial estimates
Financial estimateRevenue estimate
Valuation estimate
Virtune leadership team
Management profileNumber of profiles
Profiles7 records
Virtune funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Virtune M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Virtune
What does Virtune do?
Virtune is a regulated Swedish crypto asset manager that issues 100% physically backed crypto Exchange Traded Products (ETPs) listed on European regulated exchanges. The company offers 23 ETPs across single-asset, index, and staked categories, enabling retail and institutional investors to gain crypto exposure through regular brokerage accounts without needing crypto wallets, exchanges, or private keys. Underlying assets are held in cold storage with Nasdaq-approved custodians and verified on-chain via Chainlink Proof of Reserve.
Is Virtune a public or private company?
Virtune is a private company. It is classified as venture growth investor backed and is currently operating.
When was Virtune founded?
Virtune was founded in 2022. It employs 11 to 50 people.
Where is Virtune based?
Virtune is headquartered in Segeltorp, Sweden, in the Europe region.
How does Virtune make money?
One revenue line is on record: management Fees on AUM.
Who are Virtune's main competitors?
Direct peers on record are 21Shares, CoinShares, ETC Group, WisdomTree and Hashdex. Emerging players are Bitwise Asset Management and XTB Provider AB (now part of CoinShares). Broad incumbents are Grayscale Investments, BlackRock (iShares) and Invesco.
Does Virtune have an API?
No public API is recorded for Virtune.
What industry is Virtune in?
Virtune's product category is Crypto Asset Management. Its primary akta.pro industry code is FSADAAAA, Spot Crypto Exchanges (Order-Book & Matching Engine), with a secondary code of FSADAAAH, Staking & Earn Programs (Exchange-Operated). Its NAICS code is 523210 and its SIC code is 6200.