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European Bitcoin ETP goes to London for institutional investors

Another exchange-traded cryptocurrency product is set to hit the market for institutional investors in the UK this summer as Bitcoin continues to attract attention.

The Swiss issuer 21Shares will launch its 21Shares Bitcoin ETP later this summer on the Aquis Exchange in London and Paris and in partnership with the market maker GHCO, the companies announced on June 7th.

A portion of the product that is already available in Germany, Switzerland, Austria, France and the Netherlands will offer around 0.00035 bitcoin exposure.

The UK’s first Bitcoin ETP goes live in London markets on June 7th, following an announcement earlier this month by Aquis and issuer ETC Group.

READFirst Bitcoin ETP starts on the UK stock exchange

Institutional demand for cryptocurrencies has skyrocketed so far this year, with data collected by Standard Chartered showing that total trading volume on major exchanges averages more than $ 4 billion per day this month.

The banks did not want to miss the enthusiasm. StanChart announced it would open its own crypto trading exchange for professionals in the UK and Europe on June 2nd.

Goldman Sachs, Morgan Stanley and JPMorgan are also said to be planning their own forays into cryptocurrency ETPs for customers.

READBitcoin, banks and blockchain: this is what Goldman Sachs, JPMorgan and others are planning

21Shares and Aquis said they plan to make more cryptocurrency-exposed ETPs available to investors, including for tokens like Ether, Ripple, Polkadot and Cardano.

“This is the right time to bring our successful crypto ETP to the UK institutional market,” said Hany Rashwan, CEO of 21Shares.

Cryptocurrency prices were relatively steady on June 7th at 8:00 a.m. BST, with Bitcoin rising 0.6% to $ 36,122 in the past 24 hours.

To contact the author of this story with feedback or news, email Emily Nicolle

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