WisdomTree and 21Shares have secured FCA approval to list physically-backed Bitcoin and Ethereum ETPs on the LSE.
The UK's Financial Conduct Authority (FCA) has paved the way for the first-ever listing of cryptocurrency exchange-traded products (ETPs) on the London Stock Exchange (LSE). This decision marks a significant shift in the regulator's stance, reversing its previous ban on such offerings implemented in 2020.
Leading the charge are asset managers WisdomTree and 21Shares, both of whom have secured FCA approval for their prospectuses to list physically-backed Bitcoin and Ethereum ETPs on the LSE. Invesco has also received the green light, though details of their offering remain undisclosed.
The listings, expected to commence trading on May 28, will initially be restricted to professional investors only, as the FCA maintains its ban on retail access to these products for now.
Alexis Marinof, WisdomTree's Head of Europe, hailed the FCA's approval as "a significant step forward for the industry and UK-based professional investors seeking exposure to the asset class." He expressed optimism that the move could catalyze greater institutional adoption, as many UK-based firms have faced barriers in gaining crypto exposure due to regulatory uncertainty.
WisdomTree's Bitcoin and Ethereum ETPs will carry a competitive management expense ratio of 0.35%, positioning them among the most cost-effective institutional-grade crypto ETPs in Europe.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.
