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Asset manager WisdomTree (WT) has received approval from the Financial Conduct Authority (FCA) to list crypto exchange-traded products (ETPs) on the London Stock Exchange (LSE). WisdomTree’s Physical Bitcoin (BTCW) and Physical Ethereum (ETHW) ETPs are expected to begin trading for professional investors on May 28.
These ETPs will be open to professional investors only and will carry a 35 basis point fee. The New York-based firm manages more than $111 billion in assets worldwide, and the WisdomTree Bitcoin Fund (BTCW) was among those approved as a spot bitcoin ETF in the US in January. The firm has been offering crypto products on European exchanges since 2019.
The FCA announced in March that it would not object to requests from financial institutions to list ETPs for professional investors. The LSE has confirmed that it will accept applications for bitcoin (BTC) and ether (ETH) products in the second quarter. The FCA introduced a ban on ETPs, including crypto derivatives, in January 2020. But after several years of widespread availability of these products in Europe and spot ETF approvals in the US, the regulator has adjusted its stance. The ban continues to remain in effect for retail investors.
This move by WisdomTree aims to expand access to crypto assets for professional investors and increase the adoption of digital asset investment products. This development is seen as being in line with the FCA’s previous decision to relax its restrictions and the London Stock Exchange’s attempts to meet growing demand for these products.
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