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Bitcoin ETPs Launch on the London Stock Exchange

Bitcoin ETPs Launch on the London Stock Exchange

May 28, 2024

Bitcoin ETPs Launch on the London Stock Exchange

Bitcoin exchange-traded products (ETPs) have started trading on the London Stock Exchange (LSE). The commencement of trading follows the approval from the UK's Financial Conduct Authority (FCA), allowing asset managers WisdomTree and 21Shares to list their Bitcoin ETPs on one of the world's oldest stock exchanges.

The FCA had recently greenlighted the listing of Bitcoin Exchange-Traded Notes (ETNs), leading to the introduction of these products. 21Shares has listed two Bitcoin products: the 21Shares Bitcoin ETN (ABTC) and the 21Shares Bitcoin Core ETN (CBTC). WisdomTree, on the other hand, has launched its Physical Bitcoin ETN (BTCW). These ETNs are designed to provide investors with exposure to the price of Bitcoin.

For now, the FCA has stipulated that only professional investors can access these ETNs. Alex Pollak, head of UK for 21Shares, stated, "But the game-changer in the UK will be when the retail ban is lifted; there is a retail ban on trading bitcoin and ether ETNs at the moment."

Major financial centers such as the US, Europe, and Hong Kong have been offering regulated Bitcoin funds, which has put pressure on the FCA to expand its regulatory framework to include such products.

"The UK is one of the deepest, most liquid capital markets in the world," said Ophelia Snyder, co-founder of 21Shares, emphasizing the significance of the UK market.

The decision to list Bitcoin ETNs is part of the FCA's phased approach to opening its market, which now allows professional investors to gain exposure to Bitcoin on the LSE for the first time.

Bitcoin Magazine Article

Benzinga Article


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