ETF provider WisdomTree introduces Solana, Cardano, Polkadot ETPs

WisdomTree, a provider of exchange-traded funds (ETFs) 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 launched three new physically-backed crypto ETPs on Tuesday: WisdomTree Solana (SOLW), WisdomTree Cardano (ADAW), and WisdomTree Polkadot (DOTW). The 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 Euronext exchange in Amsterdam and Paris on Thursday, the announcement said.

They are all available in Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, the Netherlands, Norway, Poland, Spain, Sweden and Switzerland and have an overall expense ratio of 0.95%. With the product, the company hopes to offer institutional investors in Europe the opportunity to diversify their crypto holdings in altcoins.

What are ETPs?

Crypto ETPs are mainstream investment vehicles that provide easy exposure to cryptocurrencies. They are widely used in Europe, where regulators have been quicker to respond to crypto products. WisdomTree and other issuers such as VanEck and 21Shares have launched crypto ETPs in Europe that go far beyond simple offerings in bitcoin (BTC) and ether (ETH).

WisdomTree’s growing offering of crypto-asset products in Europe has lowered the cost of crypto-ETPs (WisdomTree’s 0.95% is among the lowest), but it has also prompted issuers to innovate. FTX and CoinShares announced last week that they will launch the “first” Solana ETP, which will return some of the staking rewards to investors.

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