London Stock Exchange Set to List Crypto ETPs for First Time

The LSE said in March it would accept applications for bitcoin and ether exchange-traded products in the second quarter after the FCA adjusted its stance on such products.

AccessTimeIconMay 22, 2024 at 10:09 a.m. UTC
Updated May 22, 2024 at 8:06 p.m. UTC
  • Exchange-traded products from WisdomTree and 21Shares are set to start trading on the London Stock Exchange on May 28.
  • Invesco's product prospectus was also approved by the Financial Conduct Authority.
  • The listings follow the first approvals by FCA since it relaxed its stance on crypto ETPs, having banned them in 2020.

The London Stock Exchange (LSE) will list crypto exchange-traded products (ETPs) for the first time later this month after prospectuses from WisdomTree (WT) and 21Shares were approved by the Financial Conduct Authority (FCA).

WisdomTree (WT), based in New York, won approval to list its Physical Bitcoin (BTCW) and Physical Ethereum (ETHW) ETPs, which it expects to start trading on May 28. Zurich-based 21Shares was approved for bitcoin (BTC) and ether (ETH) products and may start trading around the same time. A prospectus from Invesco was also approved, though the firm has made no further comment.

Approval in the U.K. comes several months after the January green light for spot bitcoin exchange-traded funds in the U.S. Similar products have been trading in various European jurisdictions for several years. Both WisdomTree and 21Shares were among the firms to have spot ETFs approved in the U.S. in January.

The FCA said in March it would not to object to requests from financial institutions seeking to list ETPs for professional investors. The LSE confirmed it would accept applications for bitcoin (BTC) and ether (ETH) products in the second quarter. Unlike products in Europe and the U.S., however, the FCA is allowing the London ETPs to be available only to professional investors.

The FCA introduced a ban on crypto derivatives products including ETPs in January 2020. However, with such products being widely available in Europe for several years and following the U.S. spot ETFs listing approvals, the regulator adjusted its stance. It is keeping the ban in place for retail investors.

WisdomTree's products will carry fees of 35 basis points, while 21Shares has not disclosed theirs as yet.

Neither Atlanta, Georgia-based Invesco nor the LSE responded to CoinDesk's request for further comment.

UPDATE (May 22, 12:35 UTC): Adds a line on 21Shares and Invesco also getting their prospectuses approved.

UPDATE (May 22, 14:37 UTC): Rewrites headline, top of story to reflect applications of 21Shares and Invesco. Story previously focused primarily on WisdomTree. Adds that Invesco and LSE have been approached for comment.

Edited by Sheldon Reback.


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Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.