Automatic translation: Originally published in Finnish 27/10/2026, 10:31 GMT. Give feedback here.

How our products are built

Each of our products is 100% physically backed: the corresponding amount of cryptoassets is held in cold storage at Coinbase. They are asset-backed securities. The products do not use derivatives or leverage, and they are traded just like shares, for example via Nordnet and Avanza.

• Single-asset products: include Bitcoin, XRP, Solana, Avalanche, and Chainlink.
• Staked products: Ethereum, Solana, Cardano, and Polkadot. Staking is performed directly from cold storage, and the rewards are reflected in the product's daily price.
• Index products: Crypto Top 10 Index (the Nordic region's first crypto index ETP), Crypto Altcoin Index, Coinbase 50 Index, and Stablecoin Index.
• Latest addition: Virtune Zcash ETP, which was listed on Nasdaq Stockholm on October 6, 2026.

Index products are rebalanced regularly, offering a diversified option when an investor does not want to choose a single cryptoasset.

Our view on the future of cryptoassets

We believe that cryptoassets will gradually transition from an experimental asset class into part of regular portfolio construction, but the path will remain volatile.

• Institutional money is changing the market. US spot ETFs in 2024 opened up cryptoassets to pension funds, foundations, and asset managers. This longer-term capital has partly reduced Bitcoin's volatility clearly from pre-ETF levels.
• The four-year cycle has shrunk, not vanished. The previous peak occurred in October 2025, roughly 18 months after the halving, following the old rhythm, but the decline has been lower than in previous cycles. We do not consider any single price level as proof in either direction: the decisive factors are timing and the shape of the movement.
• Regulation is becoming clearer. MiCA provides a unified framework in Europe, and the regulated ETP structure makes exposure easier to manage than direct ownership.

Stablecoins

Stablecoins are the most clearly growing use case in the crypto market, and we believe they will continue to grow in the coming years. A stablecoin is a cryptocurrency tied to a fixed value, usually the US dollar or euro, and used for payments, trading liquidity, and cross-border transfers. According to third-party data, the combined market capitalization of stablecoins has hovered between ~300–320 billion US dollars in 2026 (estimate).

Growth is driven by three factors:

• Regulation: MiCA classifies euro-pegged stablecoins as electronic money tokens, for which issuers are required to have a license, full backing, and a redemption right. In the US, a corresponding framework is introduced by the GENIUS Act
• Banks are entering the space: 12 European banks, including ING and UniCredit, have announced plans for a joint MiCA-compliant euro stablecoin.
•  Expansion of use: payments, trade settlement, and the transfer of tokenized assets increasingly run through stablecoins.

A stablecoin is not an investment as such, because its value is intended to remain stable. However, stablecoins need a network in which they circulate, which is why certain cryptoassets stand out. Ethereum in particular is key: according to DefiLlama, around 48% of all stablecoins circulated on the Ethereum network in October 2026, with Tron as the second-largest network with a share of around 31%. In addition, significant networks include Solana and BNB Chain, as well as Base and Arbitrum built on top of Ethereum. Network use is paid for with its own cryptoasset, ETH in the case of Ethereum, meaning that the growth of stablecoins increases network usage. However, increased usage does not guarantee that the price of the corresponding cryptoasset will rise.

This idea forms the basis of the Virtune Stablecoin Index ETP (STABLE), which we launched on November 5, 2025, and which is Europe's first ETP focusing on stablecoin infrastructure. It tracks a MarketVector index, is rebalanced quarterly, and has an annual management fee of 1.95%. At launch, the index included Ethereum, XRP, Solana, Chainlink, Stellar, and Aave.

Tokenization

Tokenization, i.e., representing real-world assets on a blockchain, is transitioning from experiments to production, and we believe it will grow rapidly in the coming years. A token is a digital wrapper for an asset: its value stems from the underlying bond, fund unit, or share, not the token itself. The benefits include fractional ownership, faster settlement, and 24/7 trading.

• Market size: according to third-party data, the value of tokenized real-world assets (RWAs) was around USD 26–32 billion in July 2026. It is still small alongside stablecoins, but growing rapidly. The largest category is tokenized government bonds.
• Infrastructure is nearing completion: SWIFT transitioned from tokenized asset pilots to production in November 2025, and DTCC executed the first production trades in tokenized securities in July 2026.
• Companies are building their own chains: for example, Robinhood is building its own chain for tokenized shares based on Arbitrum Orbit technology.
• Estimates: Citi estimates that the tokenized market will grow to USD 8.2 trillion by 2030, and Ripple and BCG estimate that the entire RWA market will grow to USD 18.9 trillion by 2033. These are estimates, not actual outcomes, and should be read with caution.

Our view is that in the long term, a significant share of value will be generated by the infrastructure underlying tokenized assets, such as data transmission and cross-chain interoperability, rather than individual tokenized targets.

What this means for investors

Trends can materialize without a single cryptoasset performing well for the investor: network usage can grow even if its token lags behind. Therefore, we favor careful product selection and diversification.

• Single asset or index: a single product provides precise exposure, whereas an index product diversifies across multiple cryptoassets and is suitable when a broad view of the theme is desired.
• Keep the share small: cryptoassets involve risk-taking, and their share should be proportioned according to how much volatility the investor can tolerate.
• Know the structure and costs: the ETP's management fee, currency (SEK, EUR, or USD), and the issuer's position are part of the investment decision. The prospectus and KID set out all of them.
• Investment horizon: crypto markets remain cyclical, so instead of timing, it is worth considering a long-term approach and regular investing. 

Risks

Investing in cryptoassets involves high risk, and investors may lose their entire invested capital. Key risks:

• Price risk: cryptoasset prices can fluctuate sharply even in a short period of time, although volatility has decreased.
• Correlation: cryptoassets have often moved in tandem with the stock market, meaning they may not protect the portfolio in a bear market.
• Regulatory risk: regulation continues to evolve. For example, EU anti-money laundering regulation restricts regulated service providers' ability to handle privacy-enhancing cryptoassets, and the rules will become applicable in July 2027.
• Issuer and custody risk: an ETP is a security issued by the issuer, and the products involve counterparty and custody risks, among others. Read the prospectus and KID.
• Liquidity and currency: trading can be thin, and the product's quotation currency may differ from the investor's own.
• Future estimates: the views and market forecasts in this article are estimates, not promises of returns.

Virtune in brief

Virtune is a Swedish, regulated cryptoasset asset manager and issuer of physically backed crypto ETPs with over 160,000 investors and ~380 million US dollars in assets under management (October 2026). The company was founded in Stockholm in 2022, and our first product was listed on Nasdaq Stockholm in May 2023. Our goal is to make investing in cryptoassets as easy as investing in shares: through a regular stockbroker, without wallets or private keys.

Investing in cryptoassets involves high risk. Virtune does not provide investment advice. Investments are made at your own risk. The value of securities may increase or decrease, and there is no guarantee that the invested capital will be returned. Read the prospectus, KID, and terms at www.virtune.com.

Additional information and contact details

If you want to meet us or learn more about our products, please contact hello@virtune.com or visit www.virtune.com. There you will also find prospectuses, KID documents, and terms and conditions, and you can subscribe to our newsletter.

Author: Niclas Bagge, Sales Manager Nordics