Ethereum

2024

Bitcoin ETF

Bitcoin

<p><span style="font-weight: 400;">The London Stock Exchange (LSE) said it will begin accepting applications for Ethereum (ETH) and Bitcoin (BTC) exchange-traded notes (ETNs) in the second quarter.</span></p>
<p><span style="font-weight: 400;">The exact launch date of the ETNs will “be confirmed in due course, “ the LSE said in a March 11 </span><a href="https://www.lse.co.uk/rns/n0224-admission-of-bitcoin-and-ethereum-etns-66tuep2iac04hnc.html" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">statement</span></a><span style="font-weight: 400;">.&nbsp; </span></p>
<p><span style="font-weight: 400;">Applications will have to follow a </span><a href="https://docs.londonstockexchange.com/sites/default/files/documents/crypto_etn_admission_factsheet.pdf" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">factsheet</span></a><span style="font-weight: 400;"> that was published earlier, and that says <a href="https://www.investopedia.com/investing/etfs-vs-etns/#:~:text=ETNs%20are%20structured%20products%20that,stocks%2C%20bonds%2C%20or%20gold" rel="noopener noreferrer nofollow">ETNs</a> are ”debt securities which provide exposure to an underlying asset,” it added.</span></p>
<p><span style="font-weight: 400;"><img decoding="async" src="https://cdn.corporatefinanceinstitute.com/assets/london-stock-exchange.jpeg" alt="London Stock Exchange (LSE) - Overview, Primary &amp; Specialized Markets"></span></p>
<h2 id="span-style-font-weight-400-fca-open-to-crypto-etns-span"><span style="font-weight: 400;">FCA Open To Crypto ETNs</span></h2>
<p><span style="font-weight: 400;">The exchange’s announcement follows a </span><a href="https://www.fca.org.uk/news/statements/fca-updates-position-cryptoasset-exchange-traded-notes-professional-investors" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">statement</span></a><span style="font-weight: 400;"> by the UK’s Financial Conduct Authority (</span><a href="https://insidebitcoins.com/news/uks-fca-issues-final-warning-on-new-crypto-marketing-rules-laments-industrys-lack-of-engagement" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">FCA</span></a><span style="font-weight: 400;">) that said it is open to receiving proposals for a listed market segment for crypto-backed ETNs from Recognized Investment Exchanges (RIEs).&nbsp;&nbsp;</span></p>
<p><span style="font-weight: 400;">A longer period of trading history for crypto assets has given investors more data and insight, said the regulator. As such, it said that there is enough information for investors to gauge whether they have the risk appetite for crypto-based ETNs.&nbsp;</span></p>
<p><span style="font-weight: 400;">Crypto ETNs will </span><span style="font-weight: 400;">only be made available to professional investors, including investment firms and credit institutions because such investment products are “ill-suited” for the retail investment market,</span><span style="font-weight: 400;">&nbsp;the </span><a href="https://insidebitcoins.com/news/binance-uk-suspends-new-user-registrations-as-fca-clamps-down" rel="noopener noreferrer nofollow"><span style="font-weight: 400;">FCA</span></a><span style="font-weight: 400;"> said.</span></p>
<p><span style="font-weight: 400;">It added that the RIEs will have to ensure that sufficient controls are in place to guarantee the safety of professional investors.</span></p>
<h2 id="span-style-font-weight-400-london-stock-exchange-announcement-follows-bitcoin-etf-boom-in-us-span"><span style="font-weight: 400;">London Stock Exchange Announcement Follows Bitcoin ETF Boom In US</span></h2>
<p><span style="font-weight: 400;">ETNs are generally issued by a bank or an investment manager and enable investors to trade securities that track crypto assets during London trading hours.&nbsp;</span></p>
<p><span style="font-weight: 400;"> The LSE announcement follows the runaway success of Bitcoin ETFs (exchange-traded funds) in the US since their launch on January 11.</span></p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">[3/4] Total net flow since 11th Jan 2024 is now $8,895.6 million. <a href="https://t.co/61VmMD9vqc" rel="noopener noreferrer nofollow">pic.twitter.com/61VmMD9vqc</a></p>
 <p>— BitMEX Research (@BitMEXResearch) <a href="https://twitter.com/BitMEXResearch/status/1765630525195121034?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 7, 2024</a></p>
</blockquote>
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London Stock Exchange To Start Accepting Crypto ETN Applications In The Second Quarter

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