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Global X Lists Bitcoin and Ethereum ETPs on the LSE

Global X, an ETF provider based in the US, has introduced the Global X Bitcoin ETP and the Global X Ethereum ETP on the London Stock Exchange. This move follows the recent approval by the UK regulator, the Financial Conduct Authority (FCA), of crypto ETPs from issuers WisdomTree and 21Shares. However, these crypto products are accessible only to professional investors, as per FCA regulations.

Despite the lack of institutional demand, there has been a surge in new listings on the LSE for crypto products, as noted. In May, 21Shares launched four new physically-backed crypto exchange-traded notes (ETNs), which include the 21Shares Bitcoin ETN, 21Shares Ethereum Staking ETN, 21Shares Bitcoin Core ETN, and the 21Shares Ethereum Core ETN. Similarly, WisdomTree listed a Bitcoin and Ethereum ETN in May. Recently, Invesco introduced the Invesco Physical Bitcoin ETP on the LSE with a total expense ratio of 0.39%.

Global X Drops Fees to Zero

Global X, a Mirae Asset-owned asset management firm, has recently announced a fee waiver for two of its products currently listed on the SIX Swiss Exchange and Deutsche Börse Xetra. The Global X Bitcoin ETP trades under the ticker “BTCX,” while the Global X Ethereum ETP trades under the ticker “ETHX” on the LSE.

Rob Oliver, head of business development at Global X ETFs, expressed enthusiasm about providing investors access to bitcoin and ethereum through secure and regulated exchange-traded product wrappers. He stated, “We are thrilled to deliver on our mission to provide investors with beyond-ordinary solutions.”

Oliver further emphasized the firm’s commitment to the European market and its investors, stating, “This fee reduction demonstrates our continued commitment to the European market.”

LSE is Late to the Party

According to a crypto provider, LSE-listed products face challenges in attracting inflows due to the abundance of similar products already available in Europe.

21Shares informed that the low volumes observed for its LSE-listed crypto products align with their anticipated performance.

A spokesperson from 21Shares elaborated, stating, “In our case, these crypto ETNs are cross-listings of existing products, and professional investors tend to trade on markets with the highest liquidity — currently, Xetra.”

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