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Highlights
- The London Stock Exchange is moving to list Bitcoin ETN
- Ethereum and other crypto ETNs are also under considering
- Bitcoin price moved in line with the bullish sentiment
The London Stock Exchange (LSE) has confirmed it will start accepting applications for the listing of crypto products including Bitcoin and Ethereum Exchange Traded Note (ETN) products. Per the announcement the trading behemoth made earlier on Monday, it said the trading is slated to start as soon as the second quarter of the year.
Bitcoin ETN Might Soon Be Available to UK Investors
The stalemate in exposing trading financial investors to the Bitcoin ETN or Exchange Traded Fund (ETF) world was broken when the United States Securities and Exchange Commission (SEC) approved 11 offerings for trading in January. With this major approval, regulators in other countries including Hong Kong and now the United Kingdom are now open to a variation of the product.
To keep up with the ongoing revolution, the London Stock Exchange said applications for the listing of the Bitcoin ETN product will open by April 8, 2024. To allow for ample review and regulatory consideration by the Financial Conduct Authority (FCA), the LSE said it is proposing May 28 2024 as the earliest date for the eventual listing of the product.
“We have decided to launch the market in Crypto ETNs on 28 May 2024 to enable the maximum number of issuers to be present in the market on the first day of trading,” the FCA announcement reads adding that before arriving at this date, it has;
“Taken into consideration that we need to ensure that issuers meet the requirements for consideration detailed in the Crypto ETN factsheet and importantly, it will also enable those issuers planning on admitting securities on the launch date, time to prepare documentation to establish a Crypto ETN programme which will require a base prospectus to be approved by the FCA.”
The LSE fixed April 15 as the deadline for submitting interest to list the Bitcoin ETN product for the May cohort.
LSE Bitcoin Embrace Triggers Price Resurgence
The announcement of the projected Bitcoin ETN product has spooked investors positively with a visible effect on the price of the underlying cryptocurrency.
At the time of writing, the price of Bitcoin is in a bullish recovery mode, jumping by 7.03% to $70,198.12. The bullish sentiment is justified considering the availability of spot Bitcoin ETFs helped drive a supply crunch in the market, a trend that pushed the price of the asset to its previous All-Time High (ATH) above $73,000.
This current return above the $70,000 mark spells a good omen for Bitcoin, one that might help it end the month of March on a stellar note.
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