The financial firm WisdomTree announced that it had received approval from the UK’s Financial Conduct Authority to offer Bitcoin and Ethereum ETPs. This clearance enables the listing of 100% physically-backed ETPs on the London Stock Exchange (LSE), scheduled for May 28th.
Initially, these products will be available exclusively to professional investors. The WisdomTree Physical Bitcoin and Ethereum ETPs charge a management fee of 0.35%. Before this upcoming list, they were listed on Germany’s Deutsche Börse Xetra, the SIX Swiss Exchange, and the Euronext exchanges in Paris and Amsterdam.
Alexis Marinof, the Europe head of WisdomTree, noted that the designation from FCA has been a significant part of UK professional investors’ adoption of crypto-values. He also said that certainty of approval might increase institutional participation by eliminating certain rules deeming this asset class off-limits.
Having been established back in 2019, the WisdomTree Physical Bitcoin ETP was the first institutional-grade physically collateralized ETP that sought to offer European investors negotiable certificates representing physically stapled Bitcoin.
The firm now offers a diverse portfolio of eight such crypto ETPs, providing direct price exposure to individual cryptocurrencies and the crypto market. This development represents a major step forward in both the accessibility and regulatory approval of cryptocurrency investments in the UK.
Also Read: VanEck ETHV Ethereum ETF on DTCC List Awaiting SEC Approval
