Simmons & Simmons have advised 21Shares AG, a Swiss-based crypto investment products manufacturer, in relation to the launch of its UK exchange-traded notes (ETNs) programme for Bitcoin- and Ether-linked products.
The UK Financial Conduct Authority (FCA) approved the UK base prospectus relating to 21Shares’ ETNs programme on Wednesday 22 May 2024. Today, the first Bitcoin- and Ether-linked products under the programme were admitted to trading on the new regulated market segment of the London Stock Exchange (LSE). The market, which opened for its first day of trading this morning, is accessible only to professional investors, and only for products that meet the LSE’s criteria. The opening of the new LSE market is a significant development for crypto-linked products in the UK.
Firms wishing to admit crypto ETNs for trading on the opening day of the new LSE market were required to have their base prospectuses approved by the FCA no later than midday on Wednesday 22 May 2024. 21Shares AG are one of only three firms to meet that deadline.
The Simmons & Simmons team advising 21Shares was led by Paul Browne (Partner) and Oliver Ward (Managing Associate), both experts in structured products and digital finance.
21Shares commented that “We are delighted to have received FCA approval for this important product launch, and thank Simmons for their support”.
