LSE Affirms Willingness to Consider Applications for Bitcoin ETN Listings
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The London Stock Exchange (LSE) has finalized the pre-listing timetable for its Bitcoin ETN and associated cryptocurrency products.
The London Stock Exchange (LSE) has announced its intention to begin accepting applications for the listing of cryptocurrency products, such as Bitcoin and Ethereum Exchange Traded Note (ETN) products.
According to the announcement made earlier on Monday, trading is scheduled to commence as early as the second quarter of the year.
UK Investors Could Soon Gain Access to Bitcoin ETN
The impasse regarding exposing financial investors to the Bitcoin ETN or Exchange Traded Fund (ETF) realm was shattered following the United States Securities and Exchange Commission’s (SEC) approval of 11 offerings for trading in January.
With this significant approval, regulators in other countries, including Hong Kong and now the United Kingdom, are now receptive to a variation of the product.
In line with this ongoing revolution, the London Stock Exchange has announced that applications for listing the Bitcoin ETN product will commence by April 8, 2024.
To allow for thorough review and regulatory consideration by the Financial Conduct Authority (FCA), the LSE has proposed May 28, 2024, as the earliest date for the eventual listing of the product.
The LSE has set April 15 as the deadline for submitting expressions of interest to list the Bitcoin ETN product for the May cohort.
Bitcoin Price Surges Following LSE’s Acceptance
The announcement of the upcoming Bitcoin ETN product has positively excited investors, visibly impacting the price of the underlying cryptocurrency.
As of the time of writing, Bitcoin’s price is experiencing a bullish recovery, surging by 7.03% to reach $70,198.12. This bullish sentiment is supported by the availability of spot Bitcoin ETFs, which contributed to a supply shortage in the market, leading to the asset’s price surpassing its previous All-Time High (ATH) above $73,000.
This resurgence above the $70,000 threshold bodes well for Bitcoin, potentially setting the stage for a strong finish to the month of March.
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