London Stock Exchange to Launch Bitcoin & Ethereum ETN Market
The London Stock Exchange is reportedly set to launch Bitcoin (BTC) and Ethereum (ETH) exchange-traded notes (ETN) market. Indeed, the United Kingdom’s main stock exchange issued a market notice Monday stating that Crypto ETNs will be launched on May 28th, 2024.
The exchange previously announced that it was set to accept applications for Bitcoin and Ethereum ETNs earlier this month. Additionally, the notice states that these applications can be made starting on April 8th. Moreover, the announcement states that they will be subject to approval by the country’s Financial Conduct Authority (FCA).
Also Read: London Stock Exchange to Accept Bitcoin and Ethereum ETN Applications
London Stock Exchange Announces Bitcoin and Ethereum ETN Market Launch
In the United States, the digital asset market saw the inaugural approval of Spot Bitcoin ETFs. Indeed, the US Securities and Exchange Commission (SEC) greenlit the investment product that has been immensely successful just 50 days into trading. Subsequently, the UK is set to explore digital asset exchange-traded markets through a recent announcement.
The London Stock Exchange has announced it will launch the Bitcoin and Ethereum ETN market in a notice issued Monday. The decision arrived just weeks after the stock exchange announced its intention to accept ETN applications for the two digital assets.
Crypto ETNs will allow UK-based investors to trade securities that track digital assets on the exchange. In the recent announcement, the exchange stated that it would accept ETN applications through the second quarter of the year. Alternatively, applications will not be accepted beyond April 15th, according to the document.
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Additionally, the notice includes a May 28th, 2024 launch date for the ETNs. The exchange stated this date would “enable the maximum number of issuers to be present in the market on the first day of trading.”
The decision arrived just months after Spot Bitcoin ETFs have proven to be immensely successful in the United States. Indeed, these products have become some of the most popular funds for asset management giants BlackRock and Fidelity.
