By
Godfrey Benjamin
April 20th, 2024
WisdomTree expressed delight as it unveiled that its crypto basket exchange-traded product (ETP) is going live on Euronext today.
With efforts to provide investors with an easy and friendly access to the crypto asset market, exchange-traded fund and exchange-traded product sponsor and asset manager, WisdomTree has listed its Crypto Mega Cap Equal Weight ETP on Euronext exchanges in Paris and Amsterdam.
ETPs can be described as derivative securities that can be purchased or sold based on investment instruments. These investment instruments may include commodity, currency, share price, or interest rate. ETPs possess contradicting qualities to crypto ETFs, as crypto ETFs are 100% backed by the assets they are tracking.
Following a recent announcement, WisdomTree has joined the train of asset managers in the US region that are swiftly listing their crypto investment products in Europe despite the regulatory setbacks in their nation.
With support from major cryptocurrencies like Bitcoin and Ethereum, the investment product will be trading under the ticker symbol MEGA.
Prior to this development, WisdomTree had earlier filed for approval for its Bitcoin ETF from the Securities and Exchange Commission (SEC) in March, 2021. The proposal was delayed following a certain regulatory backlash from the authority.
Nonetheless, asset management firms in the US are deploying necessary measures to break through the regulatory hurdles in their home region as they relentlessly push forth for further progress on their brands.
WisdomTree Unveils Previous Launch of Two More ETP Products
According to the announcement, WisdomTree had recently launched two more crypto ETPs a few weeks ago on Boerse Xetra and SIX Swiss exchange.
The first was WisdomTree Crypto Market (BLOC), an exchange traded product that exposes investors to cryptocurrencies that reflects atleast 70% of the crypto market cap, such as BTC, Ether, Cardano (ADA), Bitcoin Cash (BCH) and the likes.
On the other hand was the second ETP WisdomTree Crypto Altcoin (WALT), an investment product basically designed for designed for investors who already have exposure to the mega-cap coins. It exposes these investors to to major cryptocurrencies apart from bitcoin and ethereum.
SIX Swiss Exchange Continues to Debut Increasing Number of ETPs
It appears that the leading stock exchange, SIX Swiss has its arms widely opened to several crypto ETPs as the exchange had reportedly listed an increasing number of crypto ETPs in the recent years.
Aside WisdomTree, Bitcoin Capital AG had also released two new exchange-traded products on the exchange. Being under the efficient management of FICAS AG, the products include the FiCAS Active Bitcoin ETP (BTCB) and FiCAS Active Ethereum ETP (ETHB).