United States-based firms are now rushing to launch cryptocurrency investment products in Europe amid many regulatory pushbacks at home. US-based firms are listing crypto-based investment products in Europe. In that context, asset manager WisdomTree is getting another listing for its crypto basket exchange-traded product (ETP).
On December 2, WisdomTree listed its Crypto Mega Cap Equal Weight ETP on Euronext exchanges in Amsterdam and Paris. Trading under the ticker symbol MEGA, the investment product is underpinned by physical cryptocurrency assets like Ether (ETH) and Bitcoin (BTC) with a quarterly rebalance.
Launched in November 2021, MEGA was in the past listed on Deutsche Boerse’s digital exchange Xetra together with the Swiss SIX exchange. Besides MEGA, WisdomTree also launched two more cryptos ETPs recently, including WisdomTree Crypto Altcoin (WALT) and WisdomTree Crypto Market (BLOC).
BLOC offers exposure to a basket of cryptocurrency assets representing 70% of the cryptocurrency market cap, including coins like Cardano (ADA), Ether, BTC, Bitcoin Cash (BCH), and others. WALT offers exposure to some major coins excluding ETH and BTC and was designed for investors that have exposure to the mega-cap coins.
Both ETPs debuted on SIX and Boerse Xetra in late November 2021. United States asset managers are increasingly listing their crypto investment products in Europe amid regulatory challenges in the US. Despite the US Securities and Exchange Commission (SEC) having approved several BTC futures-based exchange-traded funds (ETF) since October, the US investors have still been waiting for a spot BTC ETF.
The SEC delayed its decision on Wisdom Tree’s Bitcoin EFT with a request for public feedback in July after the company filed for the investment product in March.