WisdomTree, a US asset management company, has obtained approval from the Financial Conduct Authority (FCA) in the UK 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 the announcement released on Wednesday (22nd), the “WisdomTree Physical Bitcoin” (BTCW) ETP and “WisdomTree Physical Ethereum” (ETHW) ETP are expected to start trading on May 28th, open only to professional investors, with a management fee of 0.35% for these crypto ETPs.
WisdomTree manages over $111 billion in assets globally, with its “WisdomTree Bitcoin Fund” (BTCW) being 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 the other institutions either did not respond or declined to comment on the matter.