London Stock Exchange To Launch Bitcoin ETN Market In May

The London Stock Exchange has announced that it will accept applications for the admission of Bitcoin Crypto Exchange-Traded Notes (ETNs) starting from April 8, 2024. This decision follows the Exchange's earlier notice on March 11, indicating its intention to allow the trading of Crypto ETNs in the second quarter of the year.

JUST IN: 🇬🇧 London Stock Exchange to launch market for #Bitcoin exchange traded notes on May 28. pic.twitter.com/hEStU4xUrc

Subject to approval by the Financial Conduct Authority (FCA) of the base prospectuses, the Exchange plans to commence trading of these ETNs on Tuesday, May 28, 2024. This move is aimed at ensuring maximum issuer participation on the first trading day and allowing issuers sufficient time to prepare their documentation and meet regulatory requirements.

"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 notice stated. "In choosing this date we have 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."

Issuers interested in listing securities on the Main Market on May 28 must submit the necessary information to the Exchange by April 15. This includes details on how the issuer and/or the ETN will meet the requirements outlined in the Crypto ETN factsheet and a draft of the base prospectus highlighting relevant disclosures.

However, issuers failing to meet the specified requirements, submit their applications after April 15, or have their base prospectus unapproved by the FCA by midday on May 22, 2024, will not be eligible to participate in the first day of trading.