Penning, one of Denmark's first MiCA-licensed crypto firms, acquires the wealth management business of Lithuanian Veli and launches Penning Wealth as the wealth-management arm of Penning.
Penning is one of the first companies in Denmark to hold full authorisation under the EU's crypto-asset regulatory framework, MiCA. By acquiring Veli's wealth management business — including its client base and a perpetual licence to the platform's technology — Penning moves into a segment it has not previously served: long-term investors seeking structured crypto portfolios rather than active trading.
Stevan Radonjanin (CEO, Veli) and on the right Hasan Surtiwala (Chairman, Penning) were both among the attendees at the Nordic Blockchain Conference in Stockholm in late May, before the final agreement between the two companies was concluded this week. (Foto: Kaupr)
Penning currently offers brokerage, exchange, OTC trading and discretionary asset management. Penning Wealth extends this to a structured investment offering for long-term investors, with strategies ranging from conservative bitcoin-anchored portfolios to balanced indices of the ten largest cryptocurrencies. The platform is also designed for financial advisers managing assets on behalf of clients.
"Veli brings us a mature product, a loyal client base and a team that has spent years thinking about how ordinary investors actually want to own crypto," says Jimmie Hansen Steinbeck, CEO of Penning.
"Veli was built for people who want to invest in crypto, not trade it," says Stevan Radonjanin, CEO of Veli. "Combining that platform with Penning's MiCA licence gives our clients a stronger long-term regulatory home."
Veli's clients were notified of the migration on 25 May 2026. The transfer is due to be completed by the end of June — just before Veli's registration as a virtual asset service provider in Bulgaria expires on 1 July. After that, Penning's MiCA authorisation becomes the regulatory home for the combined client base, with passported access across the EU and EEA.
Tokenised assets set for return
The acquisition also paves the way for the reintroduction of Veli's investment package focused on tokenised real-world assets — digital representations of traditional financial instruments such as bonds or real estate funds. Penning highlights this segment as one where it expects strong investor growth.
Sources: Penning, Veli, Kaupr
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