WisdomTree today launched two new ETPs on the London Stock Exchange specialising in Bitcoin and Ethereum.
The WisdomTree Physical Bitcoin and WisdomTree Physical Ethereum ETPs are designed to give investors a simple, low-cost exposure to the price of the cryptocurrencies in a physically backed structure.
After the FCA approved the listing of both funds last week, WisdomTree’s head of Europe Alexis Marinof called the decision “a significant step forward for the industry” in recognising cryptocurrencies as an investable asset class.
Institutional appetite for crypto picked up in January after the previously-reluctant SEC approved several new spot bitcoin ETP launches.
The government authority had rejected and stalled a number of crypto product launches in the past citing concerns over market manipulation and fraud, but its eventual green light this year marked an “inflection point for Crypto ETPs in the UK,” according to Marinof.
“Listing our Bitcoin and Ethereum ETPs on the LSE is a natural evolution of our product offering and commitment to supporting UK investors, particularly with the asset class staking a bigger claim for a role in multi-asset portfolios,” he said.
“Interest in the asset class amongst European investors has significantly increased this year, in part due to a new fee environment for these ETPs and the launch of US spot bitcoin ETFs.”
Both the new ETPs are available to professional investors as of today for a management expense ratio (MER) of 0.35%.
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