Industry Updates

WisdomTree gets approval to list bitcoin and ethereum ETPs on LSE

Move gives professional investors access to the cryptocurrencies

Theo Andrew

Alexis Marinof

WisdomTree has received approval from the Financial Conduct Authority (FCA) to list its bitcoin and ethereum exchange-traded products on the London Stock Exchange (LSE).

The WisdomTree Physical Bitcoin ETP (WBTC) and the WisdomTree Physical Ethereum ETP (WETH) will be among the first set of crypto ETPs to be listed in the UK, expected to be on 28 May.

It comes after the FCA gave the green light for crypto listings on UK exchanges in March, giving professional investors access to the products for the first time.

However, crypto ETNs in the UK will only be available to professional investors, with the ban on retail access still in place.

To list on the LSE, crypto ETNs must be physically backed, non-leveraged and offer exposure to bitcoin or ethereum only.

Alexis Marinof, head of Europe at WisdomTree, said: “The FCA approval of our crypto ETPs’ prospectus is a significant step forward for the industry and UK-based professional investors seeking exposure to the asset class.

“While UK-based professional investors have been able to allocate to crypto ETPs via overseas exchanges, they will soon have a more convenient access point.”

He added he expects the approval to generate greater institutional adoption of the asset class with barriers to entry removed.

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