The London Stock Exchange (LSE), one of the world’s largest, has started trading exchange-traded notes (ETNs) for Bitcoin (BTC) and Ethereum (ETH).
What are ETNs?
ETNs are similar to exchange-traded funds (ETFs), but they are debt-carrying vehicles that track an index instead of being backed by underlying assets.
Fully Backed ETPs
Two of the approved ETP creators, WisdomTree and 21Shares, have stated that their products will be 100% backed by the underlying cryptocurrencies. WisdomTree’s two ETPs, WisdomTree Physical Bitcoin (BTCW) and WisdomTree Physical Ethereum (ETHW), are expected to be listed on the LSE on May 28th and will initially only be available to professional investors.
21Shares’ four crypto-asset ETNs are also fully backed and are available in both GBP and USD.
Trading Begins
All six ETN products are now trading on the LSE.
