LSE to Accept Bitcoin and Ethereum Crypto ETN Trading Applications from April 8th

The London Stock Exchange (LSE) announced that it will accept applications for the admission to trading of Bitcoin and Ethereum Crypto ETNs from April 8, 2024.

In the announcement, the LSE stated: "Subject to the approval by the Financial Conduct Authority (the "FCA") of the base prospectuses, which will be required to list Crypto ETNs on the Main Market and also to the Official List of the FCA, the Exchange is proposing that the first day of admission to trading of those Crypto ETN securities will be Tuesday 28 May 2024."

The exchange explained that they have decided to launch the market in Crypto ETNs on 28 May 2024 to enable the maximum number of issuers to be present in the market on the first day of trading. The date has been chosen to take into account that they need to ensure that issuers meet the requirements detailed in the Crypto ETN factsheet and allowing issuers planning to list securities on the launch date enough time to prepare the necessary documentation for establishing a Crypto ETN program. This includes obtaining approval from the FCA for a base prospectus.

The LSE reminds issuers proposing to establish a Crypto ETN program to list securities on the Main Market on the first day of trading will need to submit the following information to the exchange no later than April 15, 2024: a letter setting out details of how the issuer and /or the Crypto ETN meets the requirements for consideration detailed in the crypto ETN factsheet; and draft of the base prospectus highlighting where disclosure of matters set out in the letter above, is included in the base prospectus.

Issuers that do not meet the requirements for consideration set out in the Crypto ETN factsheet, or do not submit application materials to the LSE before April 15, 2024, and/or do not obtain FCA approval of their base prospectus by midday on May 22, 2024, will not be able to participate in the first day of trading of Crypto ETNs on May 28, 2024.