WisdomTree, an exchange-traded fund (ETF) provider in the United States, has launched three new crypto ETPs in Europe backed by Solana (SOL), Cardano (ADA), and Polkadot (DOT).
WisdomTree Launches Crypto ETPs
WisdomTree on Tuesday launched three new physically backed crypto ETPs: WisdomTree Solana (SOLW), WisdomTree Cardano (ADAW), and WisdomTree Polkadot (DOTW). ETPs are already available on major European digital exchanges such as Deutsche Boerse’s Xetra, Swiss Exchange’s SIX and the Swiss Stock Exchange. The crypto ETPs will be listed on the pan-European exchange Euronext in Amsterdam and Paris on Thursday, according to the announcement.
They are all available in Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Spain, Sweden and Switzerland and have an overall spend rate of 0.95%. With the product, the company hopes to offer institutional investors in Europe the opportunity to diversify their crypto holdings into altcoins.
What are ETPs?
Crypto ETPs are traditional investment vehicles that provide easy exposure to cryptocurrencies. They are widely used in Europe, where regulators have been quicker to react to crypto products. WisdomTree and other issuers such as VanEck and 21Shares have launched crypto ETPs in Europe that go far beyond just bitcoin (BTC) and ether (ETH) offerings.
WisdomTree’s growing crypto-asset product offering in Europe has driven down the cost of crypto ETPs (WisdomTree’s 0.95% is among the lowest), but it has also spurred issuers to innovate. FTX and CoinShares announced last week that they would launch the “first” Solana ETP, which will return part of the staking rewards to investors.