First Bitcoin and Ethereum ETP Listings on LSE

The UK Financial Conduct Authority (FCA) has approved crypto exchange-traded products (ETPs) by Wisdomtree and 21shares to list on the London Stock Exchange (LSE).

“Wisdomtree is amongst the first issuers to have its prospectus relating to crypto ETPs approved by the FCA,” the company emphasized, adding:

Its 100% physically backed bitcoin and ethereum ETPs, Wisdomtree Physical Bitcoin and WisdomTree Physical Ethereum, will be listed on the LSE at the earliest date possible which is expected to be on Tuesday May 28th. At the time of listing, these ETPs will only be available to professional investors.

The two Wisdomtree’s physically backed bitcoin and ethereum ETPs will have fees of 0.35%, the same as equivalent vehicles listed in a number of continental European exchanges. Alexis Marinof, Head of Europe at Wisdomtree, explained that the FCA’s approval is a crucial development for the crypto industry, potentially leading to increased institutional adoption. All the UK-listed crypto funds will be constructed as exchange-traded notes (ETNs), a structure common across the European cryptocurrency market. #BTC#
Ophelia Snyder, co-founder of 21shares, which will cross-list its existing bitcoin and ethereum staking ETPs in the UK, with fees of 1.49%, said: “London hosts one of the deepest, most liquid capital markets in the world — where there is proven institutional interest in cryptocurrencies.”
“The FCA approval of our crypto ETPs’ prospectus is a significant step forward for the industry and UK-based professional investors seeking exposure to the asset class. While UK-based professional investors have been able to allocate to crypto ETPs via overseas exchanges, they will soon have a more convenient access point,” Wisdomtree stated, elaborating:
FCA approval in this respect could result in greater institutional adoption of the asset class, as many professional investors have been unable to gain exposure to bitcoin and other cryptocurrencies due to regulatory limitations and uncertainty – we would expect FCA approval of our crypto ETPs’ prospectus to remove those barriers to entry. #ETH# #比特币# #ContentStar#