The UK’s Financial Conduct Authority (FCA) has made a groundbreaking decision to approve asset manager WisdomTree to list Bitcoin and Ethereum exchange-traded products (ETPs) on the London Stock Exchange (LSE). This move marks a significant step forward in the mainstream acceptance of cryptocurrencies in the financial world.
WisdomTree’s Physical Bitcoin ETPs are set to begin trading on May 28, exclusively targeting professional investors. The $111 billion AUM firm has successfully navigated the traditionally cautious FCA’s approval process, signaling a shift in the regulator’s stance on Bitcoin offerings.
With the recent approval of Bitcoin spot ETFs in the US and Hong Kong, the FCA has followed suit by relaxing its restrictions on Bitcoin ETPs for professional investors. However, the ban on retail investors remains in place for now.
WisdomTree plans to charge a 0.35% expense ratio on its Bitcoin ETPs listed on the LSE, adding to its existing offerings on European exchanges and a Bitcoin ETF in the US. The FCA’s approval is expected to pave the way for greater institutional adoption of Bitcoin in the UK by removing regulatory barriers and uncertainties.
Overall, the FCA’s decision to greenlight WisdomTree’s Bitcoin ETPs underscores the growing legitimacy and acceptance of Bitcoin as a viable investment option. This move further solidifies Bitcoin’s position in the financial landscape and signals a new era of cryptocurrency integration in traditional markets.
