Bitcoin exchange-traded product debuts on the London Stock Exchange

adminMay 29, 2024

WisdomTree and 21Shares’ Bitcoin exchange-traded product (ETP) has officially begun trading on the London Stock Exchange (LSE). This event marks a significant milestone as it is the first regulated Bitcoin ETP to be listed in the UK.

WisdomTree and 21Shares list the first regulated Bitcoin ETP in the UK.

Last week, the UK’s Financial Conduct Authority (FCA) approved the listing of Bitcoin exchange-traded notes (ETNs) on the LSE. This regulatory approval enabled asset managers WisdomTree and 21Shares to launch Bitcoin ETPs on exchanges today. The FCA’s approval has been eagerly anticipated by issuers who were awaiting approval to introduce Bitcoin ETNs to the LSE.

21Shares has launched two Bitcoin products to the market: 21Shares Bitcoin ETN (ABTC) and 21Shares Bitcoin Core ETN (CBTC). At the same time, WisdomTree launched a physical Bitcoin ETN (BTCW). These ETNs provide exposure to the Bitcoin price, but are currently only accessible to professional investors under FCA regulations. Alex Pollak, UK head of 21Shares, pointed out:

The game-changer for the UK will be when the retail ban is lifted. There is currently a retail ban on Bitcoin and Ether ETN trading.

Today’s launch marks a pivotal moment for both Bitcoin adoption and London’s ambitions to establish itself as a hub for digital assets. Other major financial centers, including the US, Europe and Hong Kong, are already regulating Bitcoin funds, putting pressure on the FCA to keep pace.

Ophelia Snyder, co-founder of 21Shares, emphasized the importance of the UK market, saying:

The UK has one of the deepest and most liquid capital markets in the world.

The FCA’s phased approach to market opening will allow professional investors to gain regulated exposure to crypto assets on the LSE for the first time.

The introduction of these Bitcoin ETPs at the LSE is not only evidence of the growing acceptance of digital assets, but also a strategic move to position London as a leading center for digital finance. As the regulatory environment continues to evolve, the possibility of the retail ban being lifted could further transform markets, making Bitcoin and other digital assets accessible to more investors.

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