Key Takeaways
- • White & Case LLP advised Bitwise Europe GmbH on the launch of its cryptocurrency exchange-traded notes (ETNs) to UK retail investors, following the FCA's lifting of its ban on retail access to crypto ETNs.
- • Four Bitwise products became available to retail investors on the Main Market of the London Stock Exchange on October 20, 2025.
- • The product line comprises the Bitwise Physical Bitcoin ETP, Bitwise Physical Ethereum ETP, Bitwise Core Bitcoin ETP (tracking the CME CF Bitcoin Reference Rate), and Bitwise Ethereum Staking ETP.
- • White & Case partner Neha Saran co-led the deal team, which included partners Kristen DiLemmo, Karsten Wöckener, Claire-Marie Mallad and Daniel Sander.
Summary
Global law firm White & Case LLP has advised Bitwise Europe GmbH, a provider of cryptocurrency exchange-traded notes, on expanding its product portfolio to retail investors in the United Kingdom. The transaction follows the recent lifting of the Financial Conduct Authority's ban on retail access to crypto ETNs, according to the firm's announcement dated October 24, 2025.
Bitwise's four products were made available to retail investors on the Main Market of the London Stock Exchange on October 20, 2025. They are the Bitwise Physical Bitcoin ETP, which tracks the performance of Bitcoin; the Bitwise Physical Ethereum ETP, which tracks Ethereum; the Bitwise Core Bitcoin ETP, which follows the CME CF Bitcoin Reference Rate benchmark; and the Bitwise Ethereum Staking ETP, which tracks Ethereum while staking the Ethereum held by the custodian to generate additional returns.
White & Case partner Neha Saran, who co-led the deal team, described the transaction as a significant milestone for both Bitwise and the UK retail investment market for crypto-backed products. She said the FCA's decision had opened the door for greater innovation and access.
The advisory team included partners Neha Saran and Kristen DiLemmo (London), Karsten Wöckener (Frankfurt), and local partners Claire-Marie Mallad and Daniel Sander (Frankfurt), with associates Jeffery Cheung and Serah Ogunsanwo (London). The announcement did not disclose transaction values or fund asset levels.
Bitwise's four products were made available to retail investors on the Main Market of the London Stock Exchange on October 20, 2025. They are the Bitwise Physical Bitcoin ETP, which tracks the performance of Bitcoin; the Bitwise Physical Ethereum ETP, which tracks Ethereum; the Bitwise Core Bitcoin ETP, which follows the CME CF Bitcoin Reference Rate benchmark; and the Bitwise Ethereum Staking ETP, which tracks Ethereum while staking the Ethereum held by the custodian to generate additional returns.
White & Case partner Neha Saran, who co-led the deal team, described the transaction as a significant milestone for both Bitwise and the UK retail investment market for crypto-backed products. She said the FCA's decision had opened the door for greater innovation and access.
The advisory team included partners Neha Saran and Kristen DiLemmo (London), Karsten Wöckener (Frankfurt), and local partners Claire-Marie Mallad and Daniel Sander (Frankfurt), with associates Jeffery Cheung and Serah Ogunsanwo (London). The announcement did not disclose transaction values or fund asset levels.
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