On April 16, Bitwise Asset Management expanded its European footprint by listing four of its crypto exchange-traded products (ETPs) on the London Stock Exchange (LSE). This move marks a strategic push to attract institutional investors in the United Kingdom, as digital assets gain broader acceptance in traditional finance.
The four ETPs — previously listed in Germany — now provide UK institutional investors with direct, regulated access to Bitcoin and Ethereum through physically-backed products. Bradley Duke, head of Bitwise Europe, emphasized the importance of meeting institutional demand. He said, “Investing in crypto is rapidly becoming mainstream, and institutional investors increasingly allocate digital assets to their portfolios.”
Institutional Focus
Bitwise restricted access to the new listings on the LSE exclusively to institutional investors. The firm clearly understands the appetite among asset managers, pension funds, and family offices for regulated and secure crypto exposure.
Duke reiterated Bitwise’s institutional strategy by saying, “We offer secure, transparent, and best-in-class crypto investment products. Our team understands the unique needs of institutional clients and continuously builds solutions to match their investment goals.”
The firm’s track record in Germany has provided a foundation for this expansion. By tapping into the UK market — one of the largest financial hubs globally — Bitwise intends to scale its influence in Europe’s institutional crypto landscape.
Overview of the Four ETPs
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Bitwise Physical Bitcoin ETP (BTCE):
This is Bitwise’s flagship product and the longest-running of the four. First launched in Germany in mid-2020, it provides physically-backed exposure to Bitcoin. Over five years, it has delivered a staggering return of 695.7%. With $1.1 billion in assets under management, this ETP ranks among the most liquid crypto products in Europe. Bitwise designed it for traders and short- to medium-term investors seeking flexible Bitcoin exposure. -
Bitwise Core Bitcoin ETP (CBTC):
Introduced in Germany in April 2024, the Core Bitcoin ETP has seen a 33.9% gain since inception. Bitwise structured this product to offer a balance between active trading and long-term holding. It appeals to institutions looking for exposure to Bitcoin without taking on the volatility typically seen in direct token purchases. -
Bitwise Physical Ethereum ETP (ETHE):
This Ethereum-based ETP launched in early 2021 but has struggled to gain similar traction. It has lost 0.4% since its inception and suffered a 53.2% decline in 2025 alone. The poor performance reflects Ethereum’s price challenges and broader market volatility rather than structural flaws in the product itself. -
Bitwise Ethereum Staking ETP (STAK):
Launched in January 2024, the staking ETP allows investors to gain exposure to Ethereum while benefiting from staking rewards. However, it has dropped 40.6% since launch. Despite the decline, Bitwise remains committed to offering this option for institutions interested in proof-of-stake economics.
Why the UK Matters for Bitwise
The decision to list these ETPs in London reflects the city’s growing importance in global crypto finance. While regulatory ambiguity in the UK previously created hurdles, recent policy shifts and clearer frameworks now attract crypto innovators and institutional capital.
London’s reputation as a financial epicenter also provides a strategic advantage. Institutional investors in the UK demand highly regulated and liquid investment vehicles. Bitwise’s listings meet those demands, offering transparency, security, and compliance — all backed by physical holdings of the underlying crypto assets.
Duke explained the firm’s commitment to continued innovation. “We will continue to innovate our product range in dialogue with investors to bring products that suit their needs in this rapidly developing asset class,” he said.
Institutional Appetite Drives ETP Growth
The rise of crypto ETPs in Europe mirrors the increasing willingness of institutional investors to treat digital assets as a core part of their portfolios. Institutions seek low-friction access points, and ETPs provide a compliant, liquid, and custody-backed solution.
By offering products that hold the underlying cryptocurrencies directly, Bitwise addresses several institutional concerns:
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Security: All assets remain under institutional-grade custody, reducing counterparty risk.
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Transparency: Bitwise provides full asset backing disclosures, giving investors confidence in what they own.
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Efficiency: ETPs simplify portfolio rebalancing and accounting for institutional clients.
These features matter more than ever as allocators shift from speculative interest to strategic deployment of capital into the crypto sector.
Comparing Performances
Among the four ETPs listed today, Bitwise Physical Bitcoin stands out in both longevity and performance. The product’s nearly 700% return since 2020 highlights the long-term potential of Bitcoin in a regulated investment format.
In contrast, the Ethereum-based products have underperformed, reflecting market headwinds and broader uncertainties surrounding Ethereum’s recent network upgrades and staking protocols. However, Bitwise maintains these offerings, believing that Ethereum’s underlying technology and ecosystem still carry long-term value.
Bitwise’s Long-Term Vision
Bitwise has positioned itself as a forward-looking asset manager that bridges traditional finance and the crypto world. The firm focuses on innovation, regulatory compliance, and investor education — three pillars necessary for building trust in the rapidly evolving digital asset space.
Its expansion into the UK signals confidence in crypto’s institutional trajectory. By catering to sophisticated investors and building products that prioritize security and transparency, Bitwise aims to become a leading crypto asset manager in Europe.
Duke summed up the firm’s vision by stating, “We’re committed to delivering investment products that institutional clients trust — ones that help them navigate this exciting but complex asset class.”
Final Thoughts
The listing of four Bitwise crypto ETPs on the London Stock Exchange marks a significant milestone in Europe’s institutional crypto journey. While performance varies across products, the overall message remains clear: institutional investors are no longer on the sidelines.
Bitwise has responded to this shift with a curated product suite, clear positioning, and unwavering focus on security and compliance. As more institutions explore digital assets, the presence of reliable, physically-backed ETPs like those from Bitwise will continue to shape the future of crypto investing in Europe and beyond.
