WisdomTree has expanded its cryptocurrency exchange-traded product (ETP) range with the launch of an ethereum strategy, ETF Stream can reveal.
The WisdomTree Ethereum ETP (ETHW) is listed on Deutsche Boerse and SIX Swiss Exchange with a total expense ratio (TER) of 0.95%, the cheapest available on the European market.
ETHW offers investors exposure to the price of ether, the native currency of the ethereum network, without the need to hold the crypto directly, store private access keys or interact with the blockchain or digital currency infrastructure.
The firm also employs a multiple custodian approach having appointed Coinbase as the second custodian of its crypto ETPs in March.
WisdomTree currently offers one crypto ETP, the WisdomTree Bitcoin ETP (BTCW), in December 2019 which is also the cheapest of its kind on the European market at 0.95%.
Jason Guthrie, head of capital markets and digital assets at WisdomTree, commented: “With this increase in popularity, institutional investors are doing their due diligence on the most liquid cryptocurrencies and we expect the pace of adoption across these to ramp up as the opportunity in digital assets becomes more compelling.”
Alexis Marinof, head of Europe at WisdomTree, added: “Since launching our first digital asset ETP we have seen the level of interest amongst institutional investors grow significantly.
“The asset class is still in its infancy but 2020 was an important year for the asset class and institutional investors are waking up to the potential digital assets can bring to portfolios as a diversifier.
“By adding ETHW to our range, we now have the products and research capabilities to support institutional investors whether they are considering making their first allocations to digital assets or looking to diversify their exposures.”