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The London Stock Exchange (LSE) said it will begin accepting applications for Ethereum (ETH) and Bitcoin (BTC) exchange-traded notes (ETNs) in the second quarter.
The exact launch date of the ETNs will “be confirmed in due course, “ the LSE said in a March 11 statement.
Applications will have to follow a factsheet that was published earlier, and that says ETNs are ”debt securities which provide exposure to an underlying asset,” it added.
FCA Open To Crypto ETNs
The exchange’s announcement follows a statement by the UK’s Financial Conduct Authority (FCA) that said it is open to receiving proposals for a listed market segment for crypto-backed ETNs from Recognized Investment Exchanges (RIEs).
A longer period of trading history for crypto assets has given investors more data and insight, said the regulator. As such, it said that there is enough information for investors to gauge whether they have the risk appetite for crypto-based ETNs.
Crypto ETNs will only be made available to professional investors, including investment firms and credit institutions because such investment products are “ill-suited” for the retail investment market, the FCA said.
It added that the RIEs will have to ensure that sufficient controls are in place to guarantee the safety of professional investors.
London Stock Exchange Announcement Follows Bitcoin ETF Boom In US
ETNs are generally issued by a bank or an investment manager and enable investors to trade securities that track crypto assets during London trading hours.
The LSE announcement follows the runaway success of Bitcoin ETFs (exchange-traded funds) in the US since their launch on January 11.
[3/4] Total net flow since 11th Jan 2024 is now $8,895.6 million. pic.twitter.com/61VmMD9vqc
— BitMEX Research (@BitMEXResearch) March 7, 2024
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