The First bitcoin exchangeThe London Stock Exchange has begun trading in ‘traded products’ (ETPs).eceiving approval Financial Conduct Authority in the UK. Today, both WisdomTree Asset Managers and 21Shares listed Bitcoin ETPs at the LSE.
NEW: 🇬🇧#Bitcoin ETPs began trading today on the London Stock Exchange.
Are you prepared? 👀 pic.twitter.com/llurxr1NjC
— Bitcoin Magazine (@BitcoinMagazine) May 28, 2024
The FCA approved the listing of Bitcoin ETNs on the LSE last week. It enabled issuers, who were awaiting regulatory approval to bring Bitcoin ETNs into the LSE to launch today.
Two Bitcoin products are listed on the website: 21Shares Bitcoin Exchange Traded Note (ETN) and 21Shares Bitcoin Index Fund.ABTCIt also offers the 21Shares Bitcoin ETN Core (CBTC). WisdomTree also launched their Physical Bitcoin ETN (BTCW).
The ETNs all provide exposure to bitcoin’s price. The ETNs are available only to professional investors who adhere to FCA rules. “But the game-changer in the UK will be when the retail ban is lifted; there is a retail ban on trading bitcoin and ether ETNs at the moment”Alex Pollak is the head of UK at 21Shares.
The launch of the Bitcoin fund in London today is an important milestone, both for Bitcoin’s adoption as well as London’s ambitions to become a hub for digital assets. The FCA is catching up with other major financial centres like the US and Europe.
21Shares co-founder Ophelia Snyder emphasised, “The UK is one of the deepest, most liquid capital markets in the world.”
The FCA has a phased-in approach for opening the market. List bitcoin ETNs on the LSE allows professionals to get regulated access to cryptoassets for the very first time.
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Source: bitcoinmagazine.com
