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Bitcoin and Ethereum ETNs Hit London Stock Exchange Trading Floor

by Dan K
May 28, 2024 - 7:00 pm
in Blockchain
London Stock Exchange with Bitcoin and Ethereum logos

Bitcoin and Ethereum ETNs Hit London Stock Exchange Trading Floor

Investors in the UK can now trade exchange-traded products that track Bitcoin and Ethereum through the London Stock Exchange, as the country narrows the gap with other financial leaders in digital assets.

FCA Approval Boosts Crypto Products

The move comes after the Financial Conduct Authority (FCA) approved the first crypto exchange-traded products from issuers including WisdomTree and 21Shares last week.

21Shares launched four new physically-backed crypto exchange-traded notes (ETNs) on Tuesday. The offerings include:

  • 21Shares Bitcoin ETN
  • 21Shares Ethereum Staking ETN
  • 21Shares Bitcoin Core ETN
  • 21Shares Ethereum Core ETN

Competing firm WisdomTree also entered the fray with two physically-backed ETPs:

  • WisdomTree Physical Bitcoin
  • WisdomTree Physical Ethereum ETFs

Listings from both issuers, as well as Invesco Digital Markets, appeared on an FCA website featuring approvals on May 28.

FCA Restrictions Limit London Stock Exchange’s Crypto ETF Market

Despite directly holding Bitcoin or Ether, these new crypto products are restricted to professional investors only, under FCA regulations. This stricter approach contrasts with the US, where recently approved Bitcoin ETFs manage a combined $59 billion. This is nearly five times Europe’s total crypto vehicle trade volume.

Still, Alex Pollak, head of London for 21Shares, predicted that the UK will become Europe’s leading crypto ETF market within three years. However, he believes the key to the country’s success lies in allowing everyday investors to trade these products.

Earlier this month, Alun Cairns, a Conservative UK Member of Parliament, urged the FCA to review its ban on crypto ETNs for retail investors. Expressing concerns about the nation’s lagging position, he said that the general public would be deprived of opportunities.

US Surprises Market with Early Approval of Spot Ethereum ETFs

Elsewhere, the US Securities and Exchange Commission (SEC) gave the go-ahead to spot Ethereum ETFs last week. This marked a dramatic reversal for the market, as analysts weren’t expecting approval to come as early as May.

The move puts pressure on South Korean regulators to follow suit and potentially allow similar crypto investments.

Tags: BitcoinEthereumUK
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

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