In a significant breakthrough in the cryptocurrency industry, the United Kingdom’s financial regulator, the Financial Conduct Authority (FCA), has approved the first exchange-traded notes (ETNs) for Bitcoin and Ethereum.
On May 28, the giant 21Shares announced the launch of four new physically-backed ETNs. The offerings include the 21Shares Bitcoin ETN, 21Shares Ethereum Staking ETN, 21Shares Bitcoin Core ETN, and 21Shares Ethereum Core ETN.
“21Shares, the world’s largest issuer of exchange-traded products (ETPs) for cryptocurrencies, today announced the launch of four physically-backed cryptoasset ETNs on the London Stock Exchange – available to professional investors. Each ETN is listed in GBP and USD. This launch marks 21Shares’ official entry into the UK market.”
The listings come in response to a new regulatory environment in the UK following recent news that the Financial Conduct Authority will allow professional investors to access exchange-traded notes backed by Bitcoin and Ethereum, highlighted 21Shares.
In a statement released on May 28, WisdomTree Inc., an asset manager, announced the regulator’s approval for the listing of a pair of physically-backed crypto ETPs tracking the two largest cryptocurrencies in the market, Bitcoin (BTC) and Ethereum (ETH), on the London Stock Exchange. The statement emphasized the commencement of the products’ trading today, May 28.
“WisdomTree, a global financial innovator, listed today the WisdomTree Physical Bitcoin (BTCW) and WisdomTree Physical Ethereum (ETHW) ETPs on the London Stock Exchange (LSE). The ETPs have a management expense ratio (MER) of 0.35%, representing one of the lowest fee levels for institutional-grade Bitcoin and Ethereum ETPs that are 100% backed by the underlying assets,” wrote.
It is worth noting that on Thursday, May 23, 2024, in a historic move in the United States, marking a new era for cryptocurrencies, the Securities and Exchange Commission (SEC) officially approved Ethereum exchange-traded funds.
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