The London Stock Exchange (LSE), the sixth-largest stock exchange globally, has officially started trading Bitcoin (BTC) and Ethereum (ETH) exchange-traded notes (ETNs). Today marks the launch of ETH and BTC ETN trading, according to the LSE.

“We are delighted to announce the introduction of Crypto ETNs on the London Stock Exchange, effective May 28, 2024, welcoming products from WisdomTreeEU and 21Shares,” said the LSE.

ETNs are a type of exchange-traded product (ETP) that differ from exchange-traded funds (ETFs) in that they are debt-carrying vehicles that track an index and are not backed by underlying assets.

However, WisdomTree, one of the approved ETP creators, stated that its two products, WisdomTree Physical Bitcoin (BTCW) and WisdomTree Physical Ethereum (ETHW), will be 100% backed ETPs.

“WisdomTree is one of the first issuers to have its prospectus for crypto ETPs approved by the FCA, and its 100% physically backed Bitcoin and Ethereum ETPs, WisdomTree Physical Bitcoin and WisdomTree Physical Ethereum, will be listed on the LSE on Tuesday, May 28th. At the time of listing, these ETPs will only be available to professional investors,” said WisdomTree.

Similarly, 21Shares announced that its four crypto-asset ETNs will also be fully backed ETPs.

“21Shares, the largest issuer of crypto exchange-traded products (ETPs), has today launched four physically backed crypto-asset exchange-traded notes (ETNs) on the London Stock Exchange, available for professional investors. Each ETN is listed in both GBP and USD. This launch marks 21Shares’ official entry into the UK market,” said 21Shares.

All six ETN products began trading on the LSE today.

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