CryptocurrencyBitcoin ETPs Get Approval to List on the London...

Bitcoin ETPs Get Approval to List on the London Stock Exchange


The UK’s Financial Conduct Authority (FCA) has approved asset manager WisdomTree to list Bitcoin and Ethereum exchange-traded products (ETPs) on the London Stock Exchange (LSE).

The FCA gave the green light for WisdomTree’s Physical Bitcoin ETPs to begin trading on May 28. The $111 billion AUM firm will initially offer the products exclusively to professional investors.

This move follows the FCA’s March announcement that it would no longer object to Bitcoin ETP listings for professional investors. It also follows the approval of Bitcoin spot ETFs in the US and Hong Kong earlier this year.

WisdomTree argued it is among the first firms to have its Bitcoin ETP prospectus approved by the traditionally Bitcoin-wary FCA. This represents a shift in the regulator’s stance after banning such offerings in 2020.

But with major markets like the US and Hong Kong warming up to regulated Bitcoin funds, the FCA has relaxed its stance. However, it plans to keep the ban in place for retail investors.

The reversal reflects the steadily growing adoption of Bitcoin ETFs among even traditional institutions. Recent SEC 13F filings revealed major banks and financial giants have bought up significant shares of US spot Bitcoin ETFs.

WisdomTree is planning to charge a 0.35% expense ratio on its Bitcoin ETPs listed on the LSE. The firm already offers Bitcoin ETPs on European exchanges and operates a Bitcoin ETF in the United States.

Some believe the FCA approval could spur greater institutional adoption by removing regulatory uncertainty and barriers to Bitcoin for UK investors. By giving the green light to WisdomTree’s landmark Bitcoin ETPs, the UK regulator further validates that Bitcoin is here to stay.





Original Source Link

Latest News

Nantucket grapples with who pays for climate projects and how much

Earlier this year, a waterfront house on Nantucket made headlines after its listing price plummeted 74% in the...

Bearish Wave Hits Solana: SOL Drops Below $140 – More Losses On The Horizon?

Solana, a leading blockchain platform, is experiencing a significant downturn as a persistent bearish wave sweeps through its...

Germany urges EU-China trade talks but criticises Beijing’s exports to Russia

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly...

Jabra Enhance Select 500 Review: Excellent Hearing Aids

The vast majority of additional features on the 500—including Jabra’s SoundScape speech clarity technology, top-tier support from professional...

Trump To Waste His Time Campaigning In Virginia

Instead of campaigning in a state that he has a chance of winning, Donald Trump will be campaigning...

Must Read

The EU has a chicken feet problem with China

Unlock the Editor’s Digest for freeRoula Khalaf, Editor...

This top-performing global bond fund is up 74% over the past year

Gecko Capital's Maunakea Emerging Markets Debt Recovery Fund...
- Advertisement -

You might also likeRELATED
Recommended to you