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WisdomTree Bitcoin and Ethereum ETPs will list in the UK
Tree of wisdom
WisdomTree has received approval from the Financial Conduct Authority (FCA) to list its exchange-traded products Bitcoin and Ethereum on the London Stock Exchange (LSE).
THE WisdomTree Bitcoin Physical ETP (WBTC) and the WisdomTree Ethereum physical ETP (WETH) will be among the first cryptocurrency ETPs to list in the UK, with the listing scheduled for May 28.
This comes after the FCA gave the green light for cryptocurrency prices on UK stock exchanges in March, giving professional investors access to the products for the first time.
However, crypto ETNs in the UK will only be available to professional investors, with the ban on retail access still in place.
To list on the LSE, crypto ETNs must be physically collateralized, unleveraged and offer exposure only to Bitcoin or Ethereum.
More institutional interest?
Alexis Marinof, Head of Europe at WisdomTree, said: “The FCA approval of the prospectus for our cryptocurrency ETPs represents a significant step forward for the sector and for UK-based professional investors seeking exposure to the asset class.
“While UK-based professional investors have been able to make allocations to crypto ETPs via overseas exchanges, they will soon have a more convenient entry point.”
He added that he expects the approval to generate greater institutional adoption of the asset class as barriers to entry are removed.
This story initially appeared in etf.com’s sister publication, ETFStream.com.
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