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- 1 WisdomTree Inc., a global asset manager is all set to list Bitcoin and Ethereum ETPs on the London Stock Exchange.
- 2 Financial Conduct Authority approved WisdomTree’s application.
The Financial Conduct Authority (FCA) green-flagged WisdomTree Inc. to list its Bitcoin (BTC) and Ethereum (ETH) ETPs on the London Stock Exchange (LSE). The asset manager becomes the first issuer of crypto Exchange Traded Products (ETPs), which would be available for professional investors.
When ETPs will be Listed on the London Stock Exchange?
On May 22, FCA approved Wisdomtrees’s application for Wisdomtree Physical Bitcoin (BTCW) and WisdomTree Physical Ethereum (ETHW) ETPs listing on LSE, which will be listed on Tuesday, May 28. At the time of listing, ETPs will be available for professional investors.
At press time, Bitcoin was trading at $69,821.63, a drop of 1.59% in a day with a market cap of $1,376,302,167,455. Ethereum, on the other hand, showcased a bullish trend, hovering at $3,702.22 after a decline of 2.11% in 24 hours.
WisdomTree in Europe shared the latest news on X as well as through Press releases.
We are thrilled to announce that the Financial Conduct Authority (FCA) has approved the prospectus for our WisdomTree Physical Bitcoin (BTCW) and WisdomTree Physical Ethereum (ETHW) ETPs.
— WisdomTree in Europe (@WisdomTreeEU) May 22, 2024
Read the press release for more info: https://t.co/4b4vXPTanm pic.twitter.com/73GObGBCMQ
“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, Head of Europe, WisdomTree.
WisdomTree Inc.’s ETP Journey
WisdomTree became the first established ETP issuer in 2019, offering individuals with physically backed crypto exposure. Currently, the manager listed ETPs on the Deutsche Börse Xetra, the Swiss Stock Exchange SIX, and Euronext exchanges in Paris and Amsterdam.
From May 28, the ETPs will be available on LSE and have a total expense ratio (TER) of 0.35%. Additionally, the manager offers a range of eight physically backed crypto ETPs that provide spot price exposure to single coins.
Senior ETF Analyst, Eric Balchunas commented on the recently approved ETPs by FCA.
Re the news that bitcoin ETFs have been approved to trade on the London Stick exchange, it’s true but few imp details: only physically backed allowed, two wisdomtree ones to start and retail ban still in effect. Good piece on it from ETF Stream: https://t.co/TFLVr2bm2Q pic.twitter.com/W1fJ6SEpNL
— Eric Balchunas (@EricBalchunas) May 22, 2024
“Only physically backed allowed, two wisdomtree ones to start and retail ban still in effect.” Balchunas added.
ETP vs ETF: What’s the Difference?
ETPs are the financial products traded on stock exchanges that offers investors with wide range of assets including stocks, bonds, etc. Exchange Traded Funds (ETFs), alternatively, allow investors to make investments in stocks, bonds or any product without making actual purchase.
In simple terms, ETFs are a specific type of ETP that tracks an underlying index and can be traded on an exchange throughout the trading day.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
