WisdomTree Gets Green Light from FCA to List Bitcoin and Ethereum ETPs on London Stock Exchange
Quote from VATcal on 22/05/2024, 17:59London-based investment manager WisdomTree has secured approval from the Financial Conduct Authority (FCA) to list its physically-backed cryptocurrency exchange-traded products (ETPs) on the London Stock Exchange (LSE). The ETPs, WisdomTree Physical Bitcoin (BTCW) and WisdomTree Physical Ethereum (ETHW), are expected to begin trading on May 28th, 2024.
This marks a significant step forward for both WisdomTree and the cryptocurrency industry in the UK. WisdomTree is among the first issuers to receive FCA approval for their crypto ETP prospectuses. The FCA, which previously banned crypto derivative products in 2020, has shifted its stance in recent times. This approval is seen as a sign of growing regulatory acceptance of cryptocurrencies within the UK.
"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," said Alexis Marinof, WisdomTree's head of Europe. "While professional investors have been able to access crypto ETPs on overseas exchanges, this will provide them with a more convenient and familiar way to invest."
The WisdomTree Physical Bitcoin and WisdomTree Physical Ethereum ETPs are physically backed, meaning they are directly tied to the underlying assets of Bitcoin and Ethereum, respectively. This structure is likely to appeal to institutional investors seeking a secure and regulated way to gain exposure to the cryptocurrency market.
The initial launch will be available only to professional investors. However, there is a possibility that retail investors may be able to access these ETPs in the future. Industry experts believe the FCA's approval paves the way for greater institutional adoption of cryptocurrency within the UK.
London-based investment manager WisdomTree has secured approval from the Financial Conduct Authority (FCA) to list its physically-backed cryptocurrency exchange-traded products (ETPs) on the London Stock Exchange (LSE). The ETPs, WisdomTree Physical Bitcoin (BTCW) and WisdomTree Physical Ethereum (ETHW), are expected to begin trading on May 28th, 2024.
This marks a significant step forward for both WisdomTree and the cryptocurrency industry in the UK. WisdomTree is among the first issuers to receive FCA approval for their crypto ETP prospectuses. The FCA, which previously banned crypto derivative products in 2020, has shifted its stance in recent times. This approval is seen as a sign of growing regulatory acceptance of cryptocurrencies within the UK.
"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," said Alexis Marinof, WisdomTree's head of Europe. "While professional investors have been able to access crypto ETPs on overseas exchanges, this will provide them with a more convenient and familiar way to invest."
The WisdomTree Physical Bitcoin and WisdomTree Physical Ethereum ETPs are physically backed, meaning they are directly tied to the underlying assets of Bitcoin and Ethereum, respectively. This structure is likely to appeal to institutional investors seeking a secure and regulated way to gain exposure to the cryptocurrency market.
The initial launch will be available only to professional investors. However, there is a possibility that retail investors may be able to access these ETPs in the future. Industry experts believe the FCA's approval paves the way for greater institutional adoption of cryptocurrency within the UK.
