US asset management company WisdomTree has received approval from the UK Financial Conduct Authority (FCA) to list its physically-backed cryptocurrency exchange-traded products (ETPs) on the London Stock Exchange (LSE). The company stated that it is one of the first applicants to receive approval from the UK regulatory authority for its prospectus.
According to an announcement released on Wednesday, WisdomTree’s “WisdomTree Bitcoin” (BTCW) ETP and “WisdomTree Ethereum” (ETHW) ETP are expected to begin trading on May 28 and will only be available to professional investors. The management fee for these crypto ETPs is 0.35%.
WisdomTree manages over $111 billion in assets globally, and its “WisdomTree Bitcoin Fund” (BTCW) was one of the Bitcoin spot ETFs approved for issuance in the US in January this year. The company has been offering cryptocurrency investment products on European exchanges since 2019.
According to Bloomberg, other issuers such as ETC Group, 21Shares, and CoinShares have also applied to list their own crypto products in the UK. ETC Group stated that their application is still in progress, while other institutions have not responded or declined to comment on this matter.
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