Fidelity International will list its Bitcoin ETP on the London Stock Exchange (LSE). This is stated in today's release on the company's website.
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Let us briefly recall the difference between ETFs and ETPs.
- Spot Bitcoin ETF (Exchange-Traded Fund) is an exchange-traded fund that directly buys and holds BTC, tracking its price. Investors can trade shares of such a fund on an exchange, receiving income from changes in the price of BTC, without owning BTC itself.
- Bitcoin ETP (Exchange-Traded Product) is an exchange-traded product that can include various BTC-related instruments, such as ETN (Exchange-Traded Note) or ETC (Exchange-Traded Commodity). Unlike a spot Bitcoin ETF, an ETP can be backed not only by BTC, but also by its derivatives, such as futures.
Simply put, the issuer does not have to buy BTC to launch this fund. So the news is positive, but not particularly affecting the market. Here we are talking more about yet another acceptance in another country. We wrote at the beginning of spring that the London Stock Exchange (LSE) will begin trading exchange-traded notes (ETN) on BTC and ETH on May 28.
Another news from the Foggy Albion today on the topic of adoption - the Law Commission called on the UK government to classify all crypto-assets as a new form of personal property. To help create a legal framework for them and promote the growth of the digital asset sector.
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