The UK's Financial Conduct Authority (FCA) has approved the listing of asset manager WisdomTree. Bitcoin and Ethereum exchangeOnline Traded Products (ETPs) on the London Stock Exchange (LSE).
BREAKING: 🇬🇧 The Financial Conduct Authority has approved #Bitcoin The ETPs will be listed on the London Stock Exchange.
Little by little, then suddenly 🚀 pic.twitter.com/hMjN24qRMl
– Bitcoin Magazine (@BitcoinMagazine) May 22, 2024
FCA greenlights WisdomTree’s physical Bitcoin AND P negotiations will begin on May 28. The $111 billion assets under management company will initially offer the products exclusively to professional investors.
The move follows the FCA's announcement in March that it would no longer oppose Bitcoin ETP listings for professional investors. This also follows the approval of Bitcoin spot ETFs in the United States and Hong Kong earlier this year.
WisdomTree argued that it was one of the first companies to have its Bitcoin ETP prospectus approved by the FCA, traditionally wary of Bitcoin. This represents a change in the regulator's position after banning such offers in 2020.
But as major markets like the US and Hong Kong prepare for regulated Bitcoin funds, the FCA has softened its stance. However, he plans to maintain the ban on retail investors.
This reversal reflects the growing adoption of Bitcoin ETFs, even among traditional institutions. Recent SEC 13F filings revealed that major banks and financial giants have purchased significant shares of US spot Bitcoin ETFs.
WisdomTree plans to charge an expense ratio of 0.35% on its LSE-listed Bitcoin ETPs. The company already offers Bitcoin ETPs on European exchanges and operates a Bitcoin ETFs in the USA.
Some believe the FCA's approval could spur greater institutional adoption by removing regulatory uncertainty and barriers to Bitcoin for UK investors. By giving the green light to WisdomTree’s iconic Bitcoin ETPs, the UK regulator further confirms that Bitcoin is here to stay.