As an experienced financial analyst, I see this news as a positive development for the crypto industry, particularly in the context of the UK market. WisdomTree’s receipt of approval from the Financial Conduct Authority (FCA) to offer physically-backed Bitcoin and Ethereum ETPs on the London Stock Exchange is a significant milestone.
Expert: WisdomTree Financial, a renowned firm, has secured authorization from the UK’s Financial Conduct Authority to introduce Bitcoin and Ethereum Exchange-Traded Products (ETPs). This approval paves the way for listing these 100% physically-backed ETPs on the London Stock Exchange (LSE), with a targeted launch date of May 28th. Initially, these financial instruments will only be accessible to professional investors.
As a crypto investor, I’ve come across the WisdomTree Physical Bitcoin and Ethereum ETPs, which levy a management fee of 0.35%. Previously, these exchange-traded products (ETPs) were available for trading on three major European exchanges: Deutsche Börse Xetra in Germany, SIX Swiss Exchange in Switzerland, and Euronext in Paris and Amsterdam.
As Europe’s head of WisdomTree, Alexis Marinof observed that the Financial Conduct Authority (FCA) designation has played a pivotal role in the acceptance of crypto assets among UK professional investors. Additionally, he expressed that the confirmation of approval could potentially spur greater institutional involvement by removing certain barriers that previously categorized this asset class as inaccessible.
The WisdomTree Physical Bitcoin ETP, which was launched in 2019, is Europe’s initial exchange-traded product providing institutional investors with negotiable certificates representing physically settled Bitcoin.
The company currently provides investors with access to a varied selection of eight crypto Exchange-Traded Products (ETPs), enabling them to gain direct pricing exposure to specific cryptocurrencies and the broader crypto market. This advancement signifies a significant stride towards enhancing the accessibility and securing regulatory approval for cryptocurrency investments in the United Kingdom.
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2024-05-22 16:04