UK regulator approved Wisdom Tree to launch two spot-price crypto ETFs on the London Stock Exchange, covering spot bitcoin and Ethereum, with US regulators also weighing in on a separate Ethereum ETF decision.
Regulators have approved the creation of new ‘spot’ price cryptocurrency exchange-traded funds (ETFs), in the UK.
Packaged investments firm Wisdom Tree got the green light from the UK’s Financial Conduct Authority to launch two exchange-traded products on the London Stock Exchange – one for spot bitcoin and one for Ethereum. Wisdom Tree already offers the same ETFs in Europe (in Germany, Switzerland, Paris and Amsterdam).
Alexis Marinof, Wisdom Tree head for Europe, described it as a significant step forward and said it is expected to remove barriers to entry for UK-based institutions.
This UK approval comes as the crypto traders await a bigger decision day(s) as later this week the US Securities and Exchange Commission (SEC).
It's expected that the SEC will rule on spot Ethereum ETFs proposed by VanEck and Ark Invest, with its judgement due on Thursday and Friday respectively.
If approved, like Bitcoin ETFs, the greenlight for ETH ETFs could spur a significant increase in institutional demand for the world’s second-largest cryptocurrency.
Ethereum (or ETH) prices have climbed in recent days in anticipation of the SEC decisions, with the price up around 25% this week at $3,722 today.
