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FCA gives green light to WisdomTree’s Bitcoin and Ethereum ETPs


ETF fund manager WisdomTree has received approval from the Financial Conduct Authority (FCA) on its prospectus, which enables it to list the WisdomTree Physical Bitcoin (BTCW) and WisdomTree Physical Ethereum (ETHW) ETPs on the London Stock Exchange.

WisdomTree is amongst the first issuers to have its prospectus relating to crypto ETPs 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 at the earliest date possible which is expected to be on Tuesday May 28th, the fund manager said. At the time of listing, these ETPs will only be available to professional investors.

The crypto ETPs have a management expense ratio (MER) of 0.35%, representing one of the lowest fee levels for institutional-grade Bitcoin and Ethereum ETPs in Europe.

“Significant step forward” for ETF industry

Alexis Marinof, Head of Europe, WisdomTree, said: “The FCA approval of our crypto ETPs’ prospectus is a significant step forward for the industry and UK-based professional investors seeking exposure to the asset class.”

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. 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,” Marinof said.

In 2019, WisdomTree became the first established ETP issuer to provide European investors with institutional-grade physically backed crypto exposure, with the launch of the WisdomTree Physical Bitcoin ETP. Today, WisdomTree offers a thoughtfully curated range of eight physically backed crypto ETPs that provide spot price exposure to single coins, such as bitcoin and ether, and to diversified crypto baskets.

WisdomTree’s crypto ETPs are currently listed on the Deutsche Börse Xetra, the Swiss Stock Exchange SIX, and Euronext exchanges in Paris and Amsterdam providing European investors with convenient access to crypto in a familiar ETP wrapper.

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This article does not constitute investment advice. Make sure you do your own research or consult a professional advisor.

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