The London Stock Exchange announced in a notice on March 25 that it plans to list Bitcoin (BTC) and Ethereum (ETH) exchange-traded notes (ETNs) starting May 28.
Key dates include the exchange accepting applications for admission from issuers on April 8 and the FCA deciding on base prospectuses for launch on May 22.
Issuers aiming for the May 28 launch must submit necessary documentation by April 15 to ensure compliance with requirements.
The launch date is contingent on FCA approval of base prospectuses, as the authority must list crypto ETNs on its Main Market and Official List.
Earlier Expectations
On March 11, the London Stock Exchange hinted at accepting applications in the second quarter of 2024 without specifying a date.
Requirements include non-leveraged funds physically backed by Bitcoin or Ethereum, held in secure storage, and managed by qualified custodians.
Separately, the FCA stated on March 20 that it does not object to requests for crypto ETNs from Recognised Investment Exchanges.
The UK’s decision to embrace crypto ETNs offers professional investors new opportunities to engage with the asset class.
Although similar to ETFs, crypto ETNs have distinct features that set them apart in terms of design and functionality.
The latest information about the London Stock Exchange’s plans can be found in the post London Stock Exchange sets May 28 launch date for Bitcoin, Ethereum ETNs on CryptoSlate.
