New Listing

21Shares lists four bitcoin and ethereum ETNs on LSE

21Shares enters UK market with four crypto ETN launches

Lauren Gibbons

Ophelia 21Shares

21Shares has listed its first crypto ETNs with bitcoin and ethereum exposures on the London Stock Exchange (LSE) after the Financial Conduct Authority (FCA) greenlighted professional investor access to crypto exchange-traded notes (ETNs) in March.

The 21Shares Bitcoin ETN (ABTC) and the 21Shares Ethereum Staking ETN (AETH) have total expense ratios (TERs) of 1.49% while the 21Shares Bitcoin Core ETN (CBTC) and 21Shares Ethereum Core ETN (ETHC) have TERs of 0.21%.

All products are available in US dollar and sterling exposures.

Ophelia Snyder (pictured), co-founder of 21Shares, said: “The UK is one of the deepest, most-liquid capital markets in the world.

“As institutional interest in cryptocurrencies grows, it is only natural that London Stock Exchange hosts responsible, properly-constructed funds offering access to these markets.”

WisdomTree, which received approval from the FCA to list its bitcoin and ethereum exchange-traded products on the LSE earlier in May, have also listed today.

Elsewhere, Cboe put a framework in place to accept bitcoin and ethereum ETNs in March.

To list in the UK, ETNs must be physically backed, non-leveraged and limited to bitcoin or ethereum exposures.

Retail investors remain banned from accessing crypto ETNs as the UK watchdog still deems them "ill-suited".

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