ETNs are coming soon to the London Stock Exchange


The London Stock Exchange (LSE) announced on Monday the upcoming arrival of Exchange Traded Notes (ETN) Bitcoin (BTC) and Ethereum (ETH) on its Exchange. What are the important elements to remember?

Bitcoin and Ethereum ETNs arrive at the London Stock Exchange

On Monday, the London Stock Exchange (LSE), the main British stock market, announced that Exchange Traded Notes (ETN) based on Bitcoin (BTC) and Ethereum (ETH) will soon be accepted for listing.

Unlike an ETF which symbolizes the issuer's participation in a given asset, an ETN should rather be considered as an acknowledgment of debt, although in both cases the objectives are similar: to gain exposure to the variation in price of said asset.

👉 How to buy Bitcoin (BTC)?

Thus, quotation requests will be open from April 8, while their market launch will take place at the end of May, provided that the British financial authority has itself given the green light:

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Subject to the approval by the Financial Conduct Authority (FCA) of the base prospectuses, which will be required to list Crypto ETNs on the Main Market as well as on the FCA Official List, the Exchange proposes that on the first day of admission to trading of these ETN Crypto securities is on Tuesday May 28, 2024.

This date was chosen to accommodate a “maximum number of transmitters» for the first day of trading while guaranteeing a suitable period of time to ensure compliance with the various compliance requirements. So that applications can be processed on time, these must therefore be submitted before April 15.

Although this is not an ETF, we can nevertheless highlight an additional sign of adoption within traditional finance, which could allow more investors to get a foothold in the cryptocurrency ecosystem.

👉 Also in the news — “Bitcoin is a global problem”: Icelandic Prime Minister attacks cryptocurrency mining

For its part, BTC regained the symbolic milestone of $70,000 on Monday evening and was trading at nearly $70,600 at the time of writing, up 5.11% over 24 hours.

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Source: London Stock Exchange

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