The UK's Financial Conduct Authority (FCA) has approved WisdomTree’s application to list Bitcoin and Ethereum exchange-traded products (ETPs) on the London Stock Exchange (LSE).
WisdomTree's Physical Bitcoin ETPs are scheduled to start trading on May 28th and will initially be accessible only to professional investors.
This approval follows the FCA's announcement in March that it would allow Bitcoin ETP listings for professional investors, reflecting a policy shift after having banned such products in 2020.
The decision is in line with recent approvals of Bitcoin spot ETFs in the U.S. and Hong Kong.
WisdomTree is among the first to receive FCA approval for a Bitcoin ETP prospectus. This change in the FCA’s stance highlights a growing acceptance of Bitcoin ETFs in major markets, while the ban on retail investor participation remains.
The move is seen as part of a broader trend of increasing institutional interest in Bitcoin ETFs, with recent SEC filings showing significant acquisitions of U.S. spot Bitcoin ETFs by major financial institutions.
WisdomTree will impose a 0.35% expense ratio on its Bitcoin ETPs on the LSE. The company also offers Bitcoin ETPs on various European exchanges and operates a Bitcoin ETF in the U.S.
Analysts predict that this approval by the FCA could enhance institutional adoption by lowering regulatory hurdles for UK investors, signaling a broader acceptance of Bitcoin in traditional financial markets.