WisdomTree Bitcoin, Ethereum ETPs To List in U.K.

Tree of Wisdom

WisdomTree has received approval from the Financial Conduct Authority (FCA) to list its bitcoin and Ethereum exchange-traded products on the London Stock Exchange (LSE).

WisdomTree Physical Bitcoin ETP (WBTC) and WisdomTree Physical Ethereum ETP (WETH) will be among the first set of crypto ETPs to list in the UK and are expected to launch on May 28.

This comes after the FCA gave the green light to listing crypto on UK exchanges in March, giving professional investors access to products for the first time.

However, crypto ETNs in the UK will only be open to professional investors, with a ban on retail access still in place.

To list on the LSE, crypto ETNs must be physically backed, not leveraged, and only offer access to bitcoin or Ethereum.

More Corporate Interest?

Alexis Marinof, Head of WisdomTree Europe, said: “The approval of the prospectus for our crypto ETPs by the FCA is a significant step forward for the industry and UK-based professional investors looking to enter the asset class.

“While UK-based professional investors can allocate to crypto ETPs through overseas exchanges, they will soon have a more convenient access point.”

He added that he expects the approval to lead to greater institutional adoption of the asset class as barriers to entry are removed.

This story was first published on etf.com’s sister publication ETFStream.com.

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