Crypto ETNs one year on
Alex Watkins
Ali Al-Abadi
Listing landscape – UK vs Europe
To date, the LSE has welcomed eight issuers listing 17 Crypto ETNs across 34 currency lines in total. While these products have been limited to 100% physically backed Bitcoin or Ethereum ETNs, we have seen some innovative offerings join our market, including Bitcoin Core products and staked ETNs [Note 2].
| Issuer Name | No. of Crypto ETNs listed on the LSE |
|---|---|
| 21Shares AG | 4 |
| Bitwise Europe Gmbh | 4 |
| Coinshares Digital Securities Limited | 2 |
| Global X Digital Assets Issuer Limited | 2 |
| Wisdomtree Issuer X Limited | 2 |
| Fidelity Exchange Traded Products Gmbh | 1 |
| Invesco Digital Markets Plc | 1 |
| Valour Digital Securities Limited | 1 |
| Total | 17 |
Looking to our many neighbours in Europe, exchanges have welcomed 25 different issuers, listing 152 Crypto ETNs with a variety of underlyings. Many of these issuers have already expressed a strong desire to explore the UK space and offer a potential long pipeline of new Crypto products. Issuer and investor confidence for the UK market could, with the upcoming announced changes, see invigorated growth for this continually evolving asset class.
Trading volumes
Growth in the Crypto ETN space continues to accelerate, with a record €26 billion traded on European exchanges in 2024, an increase of more than 300% year on year. So far in 2025, market volumes are on track to reach similar levels to last year’s record, see graph above for the market growth trend.
LSE trading volumes in Crypto ETNs have picked up over recent months, especially during the Trump tariff volatility in April 2025. 2025 average daily volume traded (ADVT) on the LSE Order Book is £624k, up 173% compared to 2024, and represents 0.59% of European share of Crypto ETP trading.
If the FCA’s consultation results in the opening of retail access to trading crypto ETNs, then we may see additional ETNs listed on other exchanges cross list onto the London Stock Exchange.
That said, there is not likely to be an immediate increase LSE Order Book volumes in these products, as retail primarily negotiates trades ‘off-book’ in the UK. However, initiatives such as the Retail Broker Order Book Trading Scheme, are a key benefit available to retail brokers, and can bring some of that flow from the broader retail offering to the LSE’s Central Limit Order Book. Find out more about Retail Broker Order Book Trading Scheme.
This current gap in Crypto ETP trading and listing on the LSE vs other European primary exchanges over the past 12 months is illustrated in the table below.
| Primary Exchange | No. of Traded ETPs | Average Daily Value | Share of Trading |
|---|---|---|---|
| Xetra | 102 | € 44,056,625 | 39.2% |
| SIX Swiss Exchange | 85 | € 13,409,626 | 11.9% |
| Euronext Paris | 87 | € 3,720,138 | 3.3% |
| Euronext Amsterdam | 84 | € 2,265,295 | 2.0% |
| LSE | 17 | € 462,455 | 0.4% |
Source: BigXYT
Trading profiles
A key market concern with Crypto as an investment has always been the volatility associated with these products. This has been shaped by factors such as speculative trading, regulatory ambiguity, and the market's limited maturity. External elements, including global economic trends, media narratives, and technological vulnerabilities, add to this unpredictability.
However, the market, specifically related to Bitcoin and Ethereum, has matured, with such assets viewed and behaving in similar ways to ‘traditional assets’.
So, what does crypto ETN volatility look like in reality? By observing the trading profiles of Crypto ETNs compared to individual stocks in the FTSE100 and FTSE 250, our data suggest that their volatility may not appear as excessive as perceived, challenging some of the traditional views and assumptions around Crypto.
The graph below plots realised intraday volatility measured by intraday changes of the mid of the best bid and ask prices on the LSE Order Book over the past 12 months. This has been averaged across all Crypto ETNs, and when compared to all individual stocks within the FTSE100, the data shows similar volatility profiles.
Comparison of Crypto ETNs volatility metrics vs FTSE 100 Stocks on LSE orderbook
This trend is more profound when compared to stocks in the FTSE 250, shown in the graph below. Crypto ETNs demonstrate a consistently less volatile and more stable pricing on the LSE Order Book.
Comparison of Crypto ETNs volatility metrics vs FTSE 250 Stocks on LSE orderbook
This trend is also evident when examining the number of circuit breakers, also known as volatility auctions, that have been triggered by Crypto ETNs on the LSE Order Book. Since the launch of Crypto ETNs in May 2024, there has been a total of 9,601 ETP volatility auctions on the LSE Order Book, of which only 34 were in Crypto ETNs. The limited price swings of these products suggest a level of pricing maturity and stability that is often not associated with Crypto products.
In conclusion, the Crypto ETN space has seen tremendous growth, which is likely to continue for the foreseeable future. We’re pleased to see the FCA make this first step to consult the market and commit to an 8-week implementation date following any future rule changes. The Crypto ETN market is expected to continue its growth and form a greater portion of both institutional and retail investor asset allocation. The LSE is strategically positioned to be an attractive destination for Crypto ETN primary and secondary markets. Earlier this year we published a video series on the ‘Evolution of ETFs’, which included an episode on the future of Crypto ETNs, link of this video can be found at Evolution of ETFs: A Video Series | London Stock Exchange.
Please reach out to ETFDeskLondon@lseg.com if you are interested to list or trade Crypto ETNs on our market.
Notes
[1] FCA Consultation on proposal to remove Crypto ETN retail ban: CP25/16: Quarterly consultation paper No. 48 | FCA | Back to Note 1
[2] The Core products are the low-cost version of the flagship product, the only difference is management fees (0.21% versus 1.49%). Staking is the process of locking up crypto assets to support a blockchain network and earn passive rewards. | Back to Note 2
