UK’s first Spot Bitcoin and Ethereum ETPs begin trading on the London Stock Exchange

The world’s sixth largest exchange has officially started trading Bitcoin (BTC) and Ethereum (ETH) exchange traded notes (ETN).

According to the London Stock Exchange (LSE), today marks the launch trading ETH and BTC ETN.

“We are pleased to announce the launch of Crypto ETNs on the London Stock Exchange, effective May 28, 2024, welcoming products from WisdomTreeEU and 21Shares.”

ETNs are a type of exchange-traded product (ETP) and are distinct from exchange-traded funds (ETFs) in that ETNs are debt-bearing vehicles that track an index and are not backed by underlying assets. underlying.

However, according to one of the approved ETP creators, tree of wisdomits two products, WisdomTree Physical Bitcoin (BTCW) and WisdomTree Physical Ethereum (ETHW), will be 100% backed ETPs.

“WisdomTree is among the first issuers to have its crypto ETP prospectus approved by the FCA and its 100% physically-backed Bitcoin and Ethereum ETPs, WisdomTree Physical Bitcoin and WisdomTree Physical Ethereum, will be listed on the LSE as soon as possible, which is scheduled to take place on Tuesday, May 28. At the time of listing, these ETPs will only be available to professional investors.

According to a Press release21Shares’ four crypto-asset ETNs will also be fully collateralized ETPs.

“21Shares, the world’s largest issuer of crypto exchange-traded products (ETPs), today announced the launch of four crypto asset exchange-traded notes (ETNs) physically backed by the London Stock Exchange – available to professional investors . Each ETN is quoted in GBP and USD. This launch marks 21Shares’ official entry into the UK market.

All six ETN products began trading on the London Stock Exchange today.

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Featured image: Shutterstock/delcarmat

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