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WisdomTree, a global exchange-traded fund (ETF) and exchange-traded product (ETP) sponsor, has secured the Financial Conduct Authority’s (FCA) approval to list its WisdomTree Physical Bitcoin and WisdomTree Physical Ethereum ETPs on the London Stock Exchange (LSE), according to a press release published today. The listing, expected to occur on May 28, will initially cater exclusively to professional investors.
As previously reported by Crypto Briefing, May 28 is also expected to be the debut date of Bitcoin and Ethereum exchange-traded notes (ETNs) on the LSE.
This move positions WisdomTree among the first to receive FCA endorsement for a crypto ETP prospectus. Institutions in Europe can now gain exposure to crypto backed by Bitcoin and Ethereum, respectively, via these ETPs.
With a Total Expense Ratio (TER) of just 0.35%, WisdomTree’s upcoming crypto ETPs are among the most cost-efficient options for investors in the region.
Commenting on the latest development, Alexis Marinof, Head of Europe at WisdomTree, said the FCA approval not only facilitates easier access for UK investors but also removes the regulatory hurdles that previously discouraged investors from entering the market.
“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,” Marinof stated.
“FCA approval in this respect could result in greater institutional adoption of the asset class, as many professional investors have been unable to gain exposure to Bitcoin and other cryptocurrencies due to regulatory limitations and uncertainty – we would expect FCA approval of our crypto ETPs’ prospectus to remove those barriers to entry,” he added.
WisdomTree’s commitment to providing secure, regulated investment vehicles for crypto assets began in 2019 with the launch of the WisdomTree Physical Bitcoin ETP.
The firm has since expanded its offerings to encompass a suite of eight physically backed crypto ETPs. These ETPs provide exposure to both individual cryptocurrencies and diversified baskets, and are available for trading on multiple European exchanges.
In March this year, WisdomTree announced it secured the New York State Department of Financial Services (NYDFS) approval to operate as a New York limited-purpose trust company charter. This development allows WisdomTree to offer fiduciary custody of digital assets, issue DFS-approved stablecoins, and manage stablecoin reserves.
[Update with context in the second paragraph]
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