WisdomTree lists Euro trading currency for Bitcoin ETP
The WisdomTree Bitcoin ETP is now available in Euro (WBTC) and USD (BTCW) trading currencies, following the listing of a Euro denominated Bitcoin ETP. The physically-backed Bitcoin ETPs are listed on SIX, the Swiss Stock Exchange, with a total expense ratio of 0.95 per cent.
The WisdomTree Bitcoin ETP provides investors with a simple, secure and cost-efficient way to gain exposure to Bitcoin through a standardised product using their existing trading, custody and portfolio management set up. As such, the ETP allows investors to take exposure to Bitcoin without the need to hold the cryptocurrency directly, store private keys, interact with the blockchain or set up connectivity with digital currency infrastructure in any way. Investors also get access to institutional grade storage solutions without needing to set it up with a custodian themselves.
The ETP is traded on a regulated stock exchange and shares in the ETP settle via traditional settlement systems. The listing of WisdomTree Bitcoin on the SIX Swiss Exchange will enable investors to benefit from a global access point to trade shares in the ETP and offer liquidity like any other exchange listed security. Bringing cryptocurrencies into the ETP structure could also bring a centralisation of liquidity to the asset class and benefit the underlying digital asset.
While WisdomTree is targeting professional investors only at this stage, it is WisdomTree’s belief that, in the future, a cryptocurrency ETP may receive regulatory approval for use by the wider investor community across Europe. WisdomTree would welcome such moves and strongly believes in the benefits standard market access products can bring to investors and is committed to making such products as widely available as possible.
Jason Guthrie, Head of Capital Markets, Europe, WisdomTree, says: “Digital assets, like Bitcoin, are here to stay and we are committed to build secure solutions which make cryptocurrencies easier to access for investors. With institutional adoption of cryptocurrencies at an early stage it is important that we create a supportive environment for investors looking for exposure to the asset class. Offering our Bitcoin ETP in a new trading currency is the first step in the evolution of our digital assets platform and provides investors interested in the WisdomTree Bitcoin ETP more flexibility in how they trade the product.”