US companies are increasingly listing cryptocurrency-based investment products in Europe, and management company WisdomTree is getting a new cryptocurrency trading product (ETP) listing.
On December 2, WisdomTree listed the Crypto Mega Cap Equal Weight ETP program on the Euronext Paris and Amsterdam stock exchanges.
The investment product, traded under the ticker MEGA, is backed by physical cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), rebalanced quarterly. MEGA was launched in November 2021 and was previously listed on the Deutsche Boerse Xetra digital exchange and the SIX Swiss Stock Exchange.
In addition to MEGA, WisdomTree recently launched two more ETPs, including WisdomTree Crypto Market (BLOC) and WisdomTree Crypto Altcoin (WALT).
BLOC provides access to a basket of cryptocurrencies that make up 70% of the cryptocurrency market capitalization, including coins such as BTC, Ether, Cardano (ADA), Bitcoin Cash (BCH) and others. WALT provides access to large coins, with the exception of BTC and ETH, and is intended for investors who already have access to mega-coins. Both ETP models appeared on the Boerse Xetra and SIX at the end of November 2021.
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Asset managers in the United States are increasingly listing their crypto investment products in Europe as one of the regulatory hurdles in the United States. Although the US Securities and Exchange Commission (SEC) has approved a number of exchange-traded funds (ETFs) based on BTC futures since October, US investors are still waiting for the BTC ETF.
The Securities and Exchange Commission (SEC) has postponed its decision on the Bitcoin ETF Wisdom Tree with a public comment request in July 2021 after the company filed for an investment product in March.