The sixth largest stock exchange in the world has officially started trading ETNs* Bitcoin and Ethereum.
“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.”
According to one of the approved ETP creators, WisdomTree, the two products WisdomTree Physical Bitcoin (BTCW) and WisdomTree Physical Ethereum (ETHW) will be 100% underlying asset-backed ETPs.
“WisdomTree is one of the first issuers to have a prospectus relating to a crypto ETP approved by the FCA… At the time of listing, these ETPs will be available to professional investors only.”
The 4 21Shares crypto asset ETNs will also be fully backed ETPs.
“21Shares, the world's largest issuer of ETPs, today announced the launch of four physically-backed ETNs on the London Stock Exchange – for professional investors… This launch marks 21Shares' official entry into the UK market.”
*Cryptocurrency exchange-traded notes (ETNs) are financial products issued on exchanges and related to crypto assets such as Bitcoin, Ethereum, or other cryptocurrencies. Just like traditional ETNs, cryptocurrency ETNs are also financial instruments that investors can buy and sell on exchanges. However, the main difference between crypto ETNs and other ETNs is that their underlying asset is cryptocurrency instead of traditional asset classes like stocks or commodities.
Cryptocurrency ETNs are typically designed to track or mirror the performance of a specific crypto asset or a certain crypto index. Holders of cryptocurrency ETNs can profit from the rise and fall in price of the underlying asset or from fluctuations in the cryptocurrency index that the ETN tracks. However, it is important to note that like any financial product, investing in cryptocurrency ETNs carries risks and should be carefully considered.
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