On March 25th, the London Stock Exchange (LSE) announced that it will start trading Bitcoin and Ethereum exchange traded notes (ETNs) on May 28. It follows the green light for trading given by the Financial Conduct Authority (FCA) earlier this month. However, crypto ETNs (cETNs) will only be available for institutional investors.
ETN issuers who want to launch on that date must provide a draft prospectus to the LSE by April 15. The LSE hopes to launch trading with multiple listed cETNs. The interest is driven by the massive uptake in spot Bitcoin ETFs in the United States. Since the SEC allowed 11 Bitcoin ETFs to launch on January 10, the price of the cryptocy has increased by 50%. BlackRock’s IBIT ETF now has assets under management (AUM) of $17 billion, with Fidelity’s FBTC approaching $9 billion. The Grayscale Bitcoin trust converted to an ETF and peaked in terms of AUM on January 10 at $28.6 billion.
Despite outflows from Grayscale to the new ETFs, with rising prices Grayscale still has the largest trust at $24.7 billion AUM. While the figures look substantial, they should be viewed in context. As of March 23, the top ten bitcoin-linked ETFs had combined assets of $58 billion.
Elon Musk's artificial intelligence company xAI has filed a federal lawsuit challenging Minnesota's landmark law banning AI-powered "nudification" technology, arguing…
Bitcoin climbed toward $65,000 as an unusual shift in traditional financial markets created one of the rarest conditions…
Hyperscale Data has sold 100 Bitcoin to accelerate development of its planned artificial intelligence campus in Michigan, sending shares…
A newly launched memecoin called PIPEDOG ($PIPEDOG) became the latest breakout token on Robinhood Chain, surging more than 140x within…
BNY, the world's largest custodian bank, is bringing one of its core financial businesses onto…
A bipartisan group of U.S. senators has reportedly reached a new compromise on the ethics provisions of…