The London Stock Exchange will reportedly open the Exchange Traded Notes (ETN) market for Bitcoin (BTC) and Ethereum (ETH). In fact, the UK's main exchange issued a market announcement on Monday stating that crypto ETNs will launch on May 28, 2024.
The exchange previously announced that it would begin accepting applications for Bitcoin and Ethereum ETNs earlier this month. Furthermore, the notice states that these applications can be submitted from April 8th. Additionally, the announcement states that they will be subject to the approval of the country's Financial Conduct Authority (FCA).
JUST IN: 🇬🇧 London Stock Exchange launches #Bitcoin and Ethereum Exchange Traded Notes (ETN) market.
— Watcher.Guru (@WatcherGuru) March 25, 2024
Also Read: London Stock Exchange Accepts Bitcoin and Ethereum ETN Applications
The London Stock Exchange announces the launch of the Bitcoin and Ethereum ETN market
Source: PayBito
Spot Bitcoin ETFs have been approved for the first time in the digital asset market in the United States. In fact, the US Securities and Exchange Commission (SEC) gave the green light to the investment product, which was extremely successful after just 50 trading days. The UK will then explore exchange-traded markets for digital assets as part of a recent announcement.
The London Stock Exchange announced in a statement published on Monday that it will open the Bitcoin and Ethereum ETN market. The decision came just weeks after the exchange announced its intention to accept ETN applications for the two digital assets.
Crypto ETNs will allow UK-based investors to trade securities tracking digital assets on the exchange. In the latest announcement, the exchange stated that it would accept ETN applications until the second quarter of the year. Alternatively, applications will not be accepted until April 15, according to the document.
Source: London Stock Exchange
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Additionally, the notice includes a launch date for the ETNs of May 28, 2024. The exchange stated that this date would “allow the maximum number of issuers to be present in the market on the first day of trading.”
The decision came just months after spot Bitcoin ETFs proved extremely successful in the United States. In fact, these products are among the most popular funds from asset management giants BlackRock and Fidelity.
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