Bitcoin ETP begins trading on the London Stock Exchange
The first Bitcoin exchange-traded product (ETP) has begun trading on the London Stock Exchange after receiving approval from the UK’s Financial Conduct Authority. Asset managers WisdomTree and 21Shares today listed their Bitcoin ETP on the LSE.
New: 🇬🇧#Bitcoin The ETP begins trading on the London Stock Exchange from today.
Are you ready? 🙌 pic.twitter.com/llurxr1NjC
— Bitcoin Magazine (@BitcoinMagazine) May 28, 2024
Last week, the FCA approved Bitcoin ETN to be listed on exchanges. This makes today’s launch possible from the issuer, which was awaiting regulatory approval to introduce Bitcoin ETNs to the LSE.
21Shares has listed two Bitcoin products: 21Shares Bitcoin ETN (ABTC) and 21Shares Bitcoin Core ETN (CBTC). Meanwhile, WisdomTree launched a physical Bitcoin ​​ETN (BTCW).
All ETNs provide exposure to the Bitcoin price. Currently only accessible to professional investors under FCA regulations. “However, the game will change once the retail ban is lifted in the UK. There is currently a retail ban on Bitcoin and Ethereum ETN trading,” said Alex Pollak, UK head of 21Shares.
Today’s debut is a milestone for both Bitcoin adoption and London’s aspirations to become a digital asset hub. Other major financial centers such as the US, Europe and Hong Kong already offer regulated Bitcoin funds, putting pressure on the FCA to catch up.
“The UK has one of the deepest and most liquid capital markets in the world,” emphasized Ophelia Snyder, co-founder of 21Shares.
The FCA is taking a phased approach to opening up markets. The listing of the Bitcoin ETN will give professional investors regulated exposure to cryptocurrency assets on the LSE for the first time.
