U.S. exchange-traded fund (ETF) provider WisdomTree continues to expand its cryptocurrency products in Europe with the launch of three new cryptocurrency exchange-traded products (ETPs) backed by Solana (SOL), Cardano (ADA) and Polkadot (DOT).
On Tuesday, WisdomTree announced the launch of three new physical backed cryptocurrency ETPs, including WisdomTree Solana (SOLW), WisdomTree Cardano (ADAW), and WisdomTree Polkadot (DOTW).
ETPs are already listed on major European digital exchanges such as Xetra Deutsche Boerse, the SIX Swiss Exchange and the Swiss Stock Exchange. Pan-European exchange Euronext is expected to list cryptocurrency ETPs in Amsterdam and Paris on Thursday, the announcement notes.
ETPs are intended to offer investors in Europe another opportunity to access the price of Solana, Cardano and Polkadot through regulated exchanges. SOLW, ADAW and DOTW have an overall expense ratio of 0.95% and are available for sale in Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, the Netherlands, Norway, Poland, Spain, Sweden and Switzerland.
The new ETPs follow the growing offering of WisdomTree cryptocurrency asset products in Europe, joining products such as the WisdomTree Cryptocurrency Mega Cap Equal Weight ETP, which is backed by physical assets including Bitcoin (BTC) and Ether (ETH), as well as the WisdomTree Cryptocurrency Marketplace (BLOC). ) and WisdomTree Altcoins (WALT) cryptocurrencies.
The head of WisdomTree Europe, Alexis Marinof, said the new proposal aims to meet growing demand from institutional investors to diversify their portfolio of cryptocurrencies, stating:
“While Bitcoin and Ethereum are grabbing the headlines, altcoins are now viable options for many institutional investors, providing more opportunities to diversify their holdings in cryptocurrencies, as is the case with any other asset class.”
Related: SEC may approve bitcoin ETF as early as 2023 – Bloomberg analysts
As previously reported, WisdomTree is actively launching ETP in Europe amid regulatory hurdles in the United States. In late 2021, the U.S. Securities and Exchange Commission rejected the WisdomTree spot bitcoin ETF after postponing a decision on the product several times. The firm subsequently amended its application for a BTC spot ETF to list US Bank as the custodian of its BTC trust.
