Trading will open on May 28 for professional investors

WisdomTree has received permission to launch a spot BTC ETF on the LSE exchange

22.05.2024 - 15:15

2 min

What’s new? The UK Financial Conduct Authority (FCA) has approved the listing of cryptocurrency-based exchange-traded products (ETPs) from investment firm WisdomTree on the London Stock Exchange (LSE). The company’s bitcoin and Ethereum-based products are expected to become available to professional investors on May 28.

Press release

What else is known? WisdomTree emphasized that it was one of the first companies to receive regulatory approval to launch crypto products. The company’s exchange-traded funds (ETFs) under the tickers BTCW and ETHW will become available on the LSE, with fees set at 0,35%.

New York-based WisdomTree manages more than $111 billion in assets and has been offering crypto products on European exchanges since 2019. On January 11 of this year, its spot bitcoin exchange-traded fund (ETF) BTCW began trading on Chicago’s CBOE exchange.

In March, FCA officials said they would not object to the listing of cryptocurrency ETPs for professional investors. The LSE began accepting applications for BTC and ETH products in Q2.

According to the FCA website, the regulator has also approved applications from investment firms 21Shares and Invesco. In the US, 21Shares manages the ARKB spot bitcoin fund with ARK Invest. Invesco and Galaxy are issuers of the BTCO spot bitcoin fund. Both products are traded on the CBOE.

UK government to introduce crypto regulation bill by July

The document touches on aspects such as crypto exchange management, custodial services, and staking, among others

The FCA introduced a ban on cryptocurrencies, including ETPs, in January 2020. However, due to the widespread availability of such products in Europe and their recent approval in the US, the regulator adjusted its position. Such products are now banned only for retail investors.

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