WisdomTree first to get nod from FCA on spot Bitcoin ETP ahead of multi-product UK launch

WisdomTree has received approval from the Financial Conduct Authority to list its physically-backed Bitcoin and Ethereum ETPs on the London Stock Exchange. This approval allows WisdomTree to introduce the WisdomTree Physical Bitcoin and WisdomTree Physical Ethereum ETPs, targeting the May 28 lifting of UK restrictions. These ETPs, available exclusively to professional investors, have a management expense ratio of 0.35%, making them reportedly among the lowest fee institutional-grade crypto ETPs in Europe.

Alexis Marinof, WisdomTree’s Head of Europe, emphasized the importance of this regulatory approval in providing UK-based professional investors with easier access to digital assets. Marinof noted that FCA approval could potentially increase institutional adoption, removing previous regulatory barriers that limited exposure to Bitcoin and other cryptocurrencies.

WisdomTree’s current offerings, listed on major European exchanges such as Deutsche Börse Xetra, the Swiss Stock Exchange SIX, and Euronext, include eight physically backed crypto ETPs that provide spot price exposure to individual coins and diversified crypto baskets.

Other issuers, including ETC Group and CoinShares, are also preparing to list their crypto ETPs on the LSE, complying with the FCA’s regulatory requirements. Given recent guidance from the FCA, it is essentially a box-checking exercise for established ETP issuers at this stage.

WisdomTree’s initiative, combined with potential interest from other major European crypto players like VanEck, signals a growing momentum towards regulated and institutional-grade crypto investment products in the UK market. However, for now, retail investors are being left out and thus deemed incapable of handling Bitcoin purchases via ETPs.

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