Companies based in the United States are increasingly listing cryptocurrency-based investment products in Europe, with asset manager WisdomTree receiving another listing for its crypto basket exchange-traded product (ETP).
WisdomTree’s Crypto Mega Cap Equal Weight ETP was listed on the Euronext exchanges in Paris and Amsterdam on December 2.
The investment product, which trades under the ticker symbol MEGA, is backed by physical crypto assets such as Bitcoin (BTC) and Ether (ETH), and is rebalanced quarterly. MEGA, which will be launched in November 2021, was previously listed on Deutsche Boerse’s digital exchange Xetra and the Swiss SIX exchange.
Aside from MEGA, WisdomTree recently launched two more crypto ETPs: WisdomTree Crypto Market (BLOC) and WisdomTree Crypto Altcoin (WALT).
BLOC provides exposure to a basket of crypto assets that account for 70% of the crypto market cap, including coins such as BTC, Ether, Cardano (ADA), Bitcoin Cash (BCH), and others. WALT provides exposure to major coins other than BTC and ETH and was designed for investors who already have exposure to the mega-cap coins. Both ETPs will make their debut on the Boerse Xetra and SIX in late November 2021.
Due to regulatory hurdles in the United States, US asset managers are increasingly listing their crypto investment products in Europe. Despite the fact that the Securities and Exchange Commission (SEC) has approved a number of BTC futures-based exchange traded funds (ETF) since October, U.S. investors have yet to see a spot BTC ETF.
Following the firm’s filing for the investment product in March, the SEC delayed its decision on Wisdom Tree’s Bitcoin ETF with a request for public feedback in July 2021.