In Brief:
- WisdomTree launched its first cryptocurrency basket ETP.
- Physical crypto assets such as Bitcoin (BTC) and Ether (ETH) back the investment instrument.
- The firm released 2 new crypto ETPs, BLOC and WALT along with MEGA.
Asset management WisdomTree has received another listing for its crypto basket exchange-traded vehicle, indicating that companies located in the United States are increasingly listing cryptocurrency-based financial products in Europe (ETP).
WisdomTree’s Crypto Mega Cap Equal Weight ETP is listed on the Euronext markets in Paris and Amsterdam on December 2.
The investment instrument, which trades under the ticker code MEGA, is backed by physical crypto assets such as Bitcoin (BTC) and Ether (ETH), with a quarterly rebalance. MEGA was first listed on Deutsche Boerse’s digital exchange Xetra and the Swiss SIX exchange in November 2021.
WisdomTree just introduced two new crypto ETPs, WisdomTree Crypto Market (BLOC) and WisdomTree Crypto Altcoin, in addition to MEGA (WALT).
BTC, Ether, Cardano (ADA), Bitcoin Cash (BCH), and other crypto assets are included in the BLOC portfolio, which accounts for 70% of the crypto market cap. WALT was created for investors who already have exposure to the mega-cap coins and provides exposure to significant coins except BTC and ETH. In late November 2021, both ETPs made their debut on the Boerse Xetra and SIX exchanges.
Due to regulatory challenges in the United States, US asset managers are increasingly launching their crypto investment products in Europe. Despite the fact that the Securities and Exchange Commission (SEC) has approved a number of BTC futures-based exchange traded funds (ETFs) since October, US investors have yet to see a spot BTC ETF.
After filing for the investment product in March, the SEC postponed its decision on Wisdom Tree’s Bitcoin ETF, requesting public feedback in July 2021.
In Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Spain, Sweden, and Switzerland, WisdomTree Crypto Mega Cap Equal Weight is passported for sale.
Likewise it was just yesterday when 21Shares, a cryptocurrency exchange-traded product (ETP) issuer, announced that it will offer Europe’s first crypto product connected to polygon’s performance on the Euronext Paris and Amsterdam marketplaces.
