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Even as crypto markets continue to face volatility and cautious sentiment, the deeper story unfolding across Europe and particularly in the Nordics is one of institutional integration and infrastructure building.

Banks are expanding access to regulated crypto products. Exchanges and service providers are repositioning toward institutional clients. New market infrastructure is being built for tokenized securities. At the same time, governments, regulators, and central banks are still wrestling with how digital assets fit into the broader financial system.

This edition brings together several recent signals from the Nordic ecosystem and beyond that illustrate how digital finance is moving into a new phase. Rather than focusing on short-term price movements, the stories below highlight structural developments from regulated trading infrastructure and institutional adoption to shifting strategies among crypto companies and financial institutions.

Together, they offer a clearer picture of where digital finance is heading: less experimentation, more integration with the existing financial system.

Best regards,
Morten

One of the clearest infrastructure signals this month comes from 21X, which is building what it describes as Europe’s first fully regulated DLT-based market infrastructure. Rather than experimenting at the edge, the company is focused on creating an all-digital, on-chain venue for regulated securities, tackling trading, settlement, and compliance as a single system. This is a strong indicator that tokenization in Europe is moving from pilots toward production-grade market structure.

Article and video interview with Max Heinzle, CEO of 21X.

On the distribution side, Nordea has made CoinShares’ crypto ETPs available to retail customers, offering regulated exposure to digital assets through a major Nordic bank. This is a significant integration signal: crypto exposure is increasingly delivered via familiar banking interfaces, regulated products, and existing investment accounts.

Official announcement and added context

Bitwise’s acquisition of Chorus One marks another important step in institutional crypto’s evolution. Known in Europe primarily for ETPs and ETFs, Bitwise is now expanding into staking and on-chain yield infrastructure. The move reflects a broader shift among asset managers: crypto exposure is no longer just about price tracking, but about participating directly in the economic layers of blockchain networks.

Official announcement and added ontext

Nordic digital asset firm K33 continues to strengthen its Bitcoin strategy, with CEO Torbjørn Bull Jenssen highlighting how the company’s treasury holdings are being used as a strategic asset to support growth. Rather than treating Bitcoin as a speculative reserve, K33 sees it as part of a broader business model tied to services, market infrastructure, and institutional clients. The approach reflects how some crypto-native firms are integrating digital assets directly into their corporate strategy.

Our takeaway from Torbjørn Bull Jenssen, presenting last quarter report

Norwegian crypto exchange Firi is expanding into Sweden as part of its ambition to become the leading digital asset platform across the Nordic region. The move reflects growing competition among regulated Nordic exchanges as MiCA reshapes the European market and raises the bar for compliance, scale, and infrastructure. By entering Sweden, Firi is positioning itself for regional growth at a time when local players are strengthening their presence ahead of increased competition from global exchanges.

Article and video interview with Ted Scheiman, new Country manager for Firi in Sweden

Safello’s founder Frank Schuil has returned as CEO, bringing renewed strategic direction to the Swedish crypto company with a stronger focus on artificial intelligence. The leadership shift signals an effort to reposition Safello as the digital asset industry moves into a new phase where technology, automation, and institutional services are becoming increasingly important. The company’s AI focus reflects a broader trend where fintech and crypto firms are exploring how intelligent systems can improve trading, compliance, and financial infrastructure.

We are looking into changes in Safello leadership both now and in 2023

Nordic crypto firms are beginning to explore consolidation strategies as regulatory costs rise and competition intensifies. In a recent Kaupr TV conversation, representatives from Goobit and BTCX discussed how MiCA, DORA, and other regulatory frameworks are pushing the industry toward fewer but stronger players. The discussion highlights how Nordic exchanges may increasingly look to partnerships, mergers, or closer cooperation to compete with large international platforms entering the region.

Article and edited live talk with Cristian Ander on Kaupr TV

Treasury strategy also continues to evolve. H100 is building a Bitcoin-focused axis between Switzerland and the Nordics, linking Nordic capital markets with one of Europe’s most established crypto finance hubs. Rather than treating Bitcoin as a speculative asset, the company is positioning it as part of a structured, cross-border balance-sheet strategy.

Analysis based on official announcements and company webcasts

balance-sheet strategy. On the day before Norway´s central bank governor delivers her annual address, Bitcoin Policy Institute Norway gathers the public at the National Library in Oslo for the first Satoshi Nakamoto Annual Address - a symboic bitcoin annual address ahead of Norways yearly “fiat” speech”. Speaker: Thomas Eichenberger, Deputy Group CEO and Chief Strategy Officer of Sygnum Bank in Zurich

Our takeaway: A smart and fun event framing, and an interesting speech for all

At the same time, tensions remain on the policy front. Norway’s central bank governor has once again downplayed the importance of stablecoins and Bitcoin, rejecting their role as meaningful payment instruments for now. The contrast between cautious monetary authorities and accelerating market infrastructure highlights one of the key dilemmas of this phase: adoption is moving ahead even as official narratives lag behind.

Highlighting crypto related content in the Annual speech of Ida Wolden Bache

Globally, Jack Dorsey’s Block continues to frame Bitcoin as everyday financial infrastructure, with Cash App positioned around practical usage rather than speculation. The messaging reflects how large payment platforms increasingly view Bitcoin as part of a broader digital money stack, not as a niche or experimental asset.

Our takeaway: Bitcoin - not only for holding - but also for everyday tasks

Meanwhile, Lithuanian fintech Axiology has raised €5 million to build DLT-based trading and settlement infrastructure, reinforcing that capital continues to flow toward tokenized market rails despite weak sentiment in crypto prices. Like several Nordic initiatives, the focus is not on consumer hype but on the backend systems required to support regulated digital markets.

We are asking: Are companies in the Baltics building Fintech 2.0?

Kaupr TV Live, hosted by Morten Myrstad and Leon Aleksander Solbakken, continues to develop as a Nordic broadcast format exploring how digital assets are integrating into financial markets. The February 27 broadcast examined how institutional adoption, regulation, and infrastructure development are shaping the current phase of digital finance, bringing together voices from across the Nordic and European ecosystem.

The live format is now supported by a group of season partners from across the industry. BTCX, Bybit, Coinmotion, and K33 have joined the program to support the broadcast series and help expand discussions around digital finance, market infrastructure, and institutional adoption in the Nordic region.

Watch the latest broadcast and recordings:
→ https://kaupr.io/tv

Read more about the new season partnerships:
→ https://www.kaupr.io/en/news/leading-crypto-exchanges-enter-partnership-with-kaupr-tv

Supported by Kaupr TV season partners:
BTCX ▪ BYBIT ▪ COINMOTION ▪ K33

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Best regards,

Morten

Founder & Editor