The altcoin market is gaining momentum in the eyes of fund developers and related investors. One of the leading providers of such instruments, is just launching an Exchange Traded Product (ETP) investment option for Solana, Cardano and Polkadot.
Europe is ahead of the United States
Despite being an American company, WisdomTree is celebrating its expansion as well as its success in Europe. The company has just announced the launch of three new ETP products (with physical coverage), for crypto assets such as Solana (SOL), Cardano (ADA) and Pokadot (DOT). This information circulated the world on Tuesday, March 29. Their official names and tickers are: WisdomTree Solana (SOLW), WisdomTree Cardano (ADAW) and WisdomTree Polkadot (DOTW).
The products provided by WisdomTree, began their listing on leading European exchanges, which include Deutsche Boerse’s Xetra, Switzerland’s SIX exchange and the Swiss Stock Exchange. According to the company’s announcement, the last day of the month will also bring the launch in Amsterdam and Paris.
Alexis Marinof, who is the head of WisdomTree Europe, comments on the expansion as follows:
“While Bitcoin and Ethereum occupy the headlines, altcoins are now viable options for many institutional investors, providing more opportunities to diversify their cryptocurrency holdings as with any other asset class.”
WisdomTree ETP Availability and the U.S. Case
The WisdomTree fund offers its clients access to a regulated crypto product while they are unwilling or formally unable to invest in such products in the digital space. With a low cost of just 0.95%, these funds seem to be an interesting solution for institutions. At the moment, WisdomTree is active in countries such as Austria, Belgium, Denmark, Finland, France, Germany, Italy, Ireland, Luxembourg, Netherlands, Norway, Poland, Spain, Sweden and Switzerland.
Products based on Solana, Cardano and Polkadot are a continuation of the company’s previous policy. So far, it has provided products known as WisdomTree Crypto Mega Cap Equal Weight ETP, as well as WisdomTree Crypto Market (BLOC) and WisdomTree Crypto Altcoins (WALT). The former is known for at least backing physical Bitcoin (BTC) and Ether (ETH).
WisdomTree also tried its hand at launching an ETF, in the US SPOT market. Unfortunately, the SEC, after repeatedly delaying a decision on the matter, rejected the company’s application in late 2021. After this, the company made some changes, adding a trustee in the form of U.S. Bank to the newly filed documents. Another decision on its case has not yet been made.