London Stock Exchange moves to list Bitcoin and Ethereum ETNs. Meanwhile, ETNs for other cryptocurrencies are also being evaluated. Amidst this news, Bitcoin price moved in an upward trend.
Bitcoin and Ethereum ETN coming soon to the UK!
The London Stock Exchange (LSE) has confirmed that it will begin accepting applications for the listing of crypto products, including Bitcoin and Ethereum Exchange Traded Note (ETN) products. Trading will begin in the second quarter of the year, according to the trading giant’s announcement early Monday.
The stalemate for commercial financial investors to invest in Bitcoin ETNs was broken when the United States Securities and Exchange Commission (SEC) approved 11 proposals for trading in January. With this major approval, regulators in other countries are now open to a variation of the product. The US SEC’s approval is accompanied by Hong Kong and now the UK.
What timetable does the LSE foresee for cryptocurrency ETNs?
The London Stock Exchange is also keeping pace with the ongoing revolution. In this regard, LSE said that applications for the listing of Bitcoin and Ethereum ETNs will be opened until April 8. The LSE recommends 28 May 2024 as the earliest date for the final listing of the product. It thus aims to allow adequate scrutiny and regulatory assessment by the Financial Conduct Authority (FCA). “We have decided to launch the market in Crypto ETNs on 28 May 2024 to ensure the maximum number of issuers are available in the market on the first day of trading,” the FCA announcement reads. He also adds, before coming to this date:
Bearing in mind that we need to ensure that issuers meet the valuation requirements detailed in the Crypto ETN fact sheet and importantly, this will give issuers who plan to accept securities on the launch date time to prepare the documentation to establish a Crypto ETN scheme which will require a base prospectus to be approved by the FCA.
The LSE has set April 15 as the deadline for submission of interest to list the Bitcoin ETN product for the May batch.
LSE’s embrace of Bitcoin sparks price resurgence
The anticipated Bitcoin ETN product has pushed the price of the leading cryptocurrency north. In addition, the overall crypto market also started a strong upward move. At the time of this writing, Bitcoin price is up 7.03% to $70,198.12. cryptokoin.comAs you follow from, spot Bitcoin ETFs also pushed the BTC price to the historical peak. Because ETFs caused a supply squeeze in the market. Thus, it increased the price of the cryptocurrency to over $73,000. Considering this, LSE’s move is also justified by bullish sentiment.
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