21Shares Lists 4 Bitcoin and Ethereum ETNs on LSE

21Shares Lists 4 Bitcoin and Ethereum ETNs on LSE

21Shares enters the U.K. market with bitcoin- and ether-based ETNs.

Reviewed by: etf.com Staff
Edited by: James Rubin

21Shares has listed its first cryptocurrency exchange-traded notes (ETN) with bitcoin and ether exposures on the London Stock Exchange (LSE) after the Financial Conduct Authority (FCA) greenlit professional investor access to ETNs in March.

Ether is the native cryptocurrency of the Ethereum smart contracts blockchain. 

The 21Shares Bitcoin ETN (ABTC) and the 21Shares Ethereum Staking ETN (AETH) have total expense ratios (TERs) of 1.49% while the 21Shares Bitcoin Core ETN (CBTC) and 21Shares Ethereum Core ETN (ETHC) have TERs of 0.21%.

All products are available in U.S. dollar and sterling exposures.

Read More: SEC Changes Ethereum Rule, Sets Stage for ETF Approval

Ophelia Snyder, co-founder of 21Shares, said: “The U.K. is one of the deepest, most-liquid capital markets in the world.

“As institutional interest in cryptocurrencies grows, it is only natural that London Stock Exchange hosts responsible, properly constructed funds offering access to these markets.”

WisdomTree Also Lists ETPs

WisdomTree, which received approval from the FCA to list its bitcoin and Ethereum-based exchange-traded products on the LSE earlier in May, also listed them on Tuesday.

Elsewhere, Cboe U.K. became the second exchange following the LSE to accept bitcoin and Ethereum ETNs in March.

To list in the U.K., ETNs must be physically backed, non-leveraged and limited to bitcoin or ether exposures.

Retail investors remain banned from accessing crypto ETNs as the U.K. watchdog still deems them "ill-suited."

This article first appeared in etf.com's sister publication, ETFStream.com.