Bitcoin Exchange-Traded Products Make Their Debut on the London Stock Exchange

Updated: 28 May 2024

Disclosure

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Bitcoin exchange-traded products (ETPs) from WisdomTree and 21Shares have officially started trading on the London Stock Exchange (LSE). This event marks a significant milestone as these are the first regulated Bitcoin ETPs to be listed in the UK.

First Regulated Bitcoin ETPs Listed in the UK by WisdomTree and 21Shares

Last week, the Financial Conduct Authority (FCA) of the UK approved the listing of Bitcoin exchange-traded notes (ETNs) on the LSE. This regulatory clearance allowed asset managers WisdomTree and 21Shares to launch their Bitcoin ETPs on the exchange today. The approval from the FCA had been eagerly anticipated by issuers who were awaiting the green light to bring Bitcoin ETNs to the LSE.

21Shares has introduced two Bitcoin products to the market: the 21Shares Bitcoin ETN (ABTC) and the 21Shares Bitcoin Core ETN (CBTC). At the same time, WisdomTree has launched its Physical Bitcoin ETN (BTCW). These ETNs offer exposure to the price of Bitcoin, but under current FCA regulations, they are only accessible to professional investors. Alex Pollak, head of UK for 21Shares, pointed out,

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.

Today’s launch is a pivotal moment for both Bitcoin adoption and London’s ambitions to establish itself as a hub for digital assets. Other major financial centers, including the US, Europe, and Hong Kong, already have regulated Bitcoin funds, which has put pressure on the FCA to keep pace.

Ophelia Snyder, co-founder of 21Shares, highlighted the significance of the UK market by stating,

The UK is one of the deepest, most liquid capital markets in the world.

The FCA’s phased approach to opening its market allows professional investors to gain regulated exposure to crypto assets on the LSE for the first time.

The introduction of these Bitcoin ETPs on the LSE is not only a testament to the growing acceptance of digital assets but also a strategic move to position London as a leading center for digital finance. As the regulatory landscape continues to evolve, the potential lifting of the retail ban could further transform the market, making Bitcoin and other digital assets more accessible to a broader range of investors.

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