American exchange-traded fund provider WisdomTree is answering the demand for more crypto-asset investment products with the introduction of three new ETPs.
The investment firm is aiming for European markets with its latest round of exchange-traded products (ETP) due to regulatory barriers in the United States.
On March 29, WisdomTree announced three new crypto ETPs, which are backed by Cardano (ADA), Solana (SOL), and Polkadot (DOT).
They were listed on the Swiss stock exchange SIX and Börse Xetra on March 29, and exchanges in Paris and Amsterdam will add them later this week.
Expanding European products
The three new crypto funds will add to the firm’s existing offerings which include the Crypto Mega Cap Equal Weight ETP, the Crypto Market (BLOC) fund, and Crypto Altcoins (WALT) fund. Exchange-traded products allow institutional investors to gain exposure to digital asset markets without the hassle of dealing with exchanges directly.
WisdomTree and other issuers such as VanEck and 21Shares all have launched crypto ETPs in Europe where legislation is much friendlier than across the pond. This week, crypto fund manager CoinShares reported the largest institutional inflow for crypto products since early December.
The majority of this was for European-based products due to the lack of investor confidence in the U.S. Around 76% of the total $196 million inflows were in Europe and Bitcoin products were the most popular for the period.
Alexis Marinof, WisdomTree’s head of Europe, commented on the demand for more altcoin-based funds:
“While Bitcoin and Ethereum grab the headlines, altcoins are now viable options for many institutional investors, providing more options to diversify their crypto holdings just like they would with any other asset class.”
Grayscale sharpening the knives
Institutional crypto asset manager Grayscale has got so fed up with procrastination at the U.S. Securities and Exchange Commission that it was gearing up for a legal battle should its filing follow many others in rejection.
In October the world’s largest crypto asset fund manager signaled its intentions to convert its popular $31 billion BTC Trust to a spot-based fund backed up by the asset itself rather than futures. The SEC has already delayed the decision twice in December and February with the final date due in July.
Earlier this month, the SEC delayed the decision again on WisdomTree’s Bitcoin Trust until mid-May. U.S. regulators have yet to approve any spot crypto fund though they have been previously approved in Canada and Europe.
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