White & Case advises Bitwise Europe on market-first retail cryptocurrency exchange-traded notes

Global law firm White & Case LLP has advised Bitwise Europe GmbH, a leading provider of cryptocurrency exchange-traded notes (ETNs), on the groundbreaking expansion of its product portfolio to retail investors in the UK following the recent lifting of the Financial Conduct Authority's (FCA) ban on retail access to crypto ETNs.

"This transaction marks a significant milestone for both Bitwise and the UK retail investment market for crypto-backed products," said White & Case partner Neha Saran, who co-led the Firm's deal team. "The White & Case team supported Bitwise in bringing these pioneering products to market following the FCA's decision to lift the ban on retail crypto ETNs, which has opened the door for greater innovation and access."

Bitwise's products – Bitwise Physical Bitcoin ETP, Bitwise Physical Ethereum ETP, Bitwise Core Bitcoin ETP and Bitwise Ethereum Staking ETP – were made available to retail investors on the Main Market of the London Stock Exchange on October 20, 2025.

The Bitwise Physical Bitcoin ETP tracks the performance of Bitcoin, while the Bitwise Physical Ethereum ETP tracks the performance of Ethereum. The Bitwise Core Bitcoin ETP follows the CME CF Bitcoin Reference Rate benchmark and the Bitwise Ethereum Staking ETP tracks the performance of Ethereum while staking the Ethereum held by the custodian to generate additional returns.

The White & Case team which advised on the transaction included partners Neha Saran, Kristen DiLemmo (both London) and Karsten Wöckener (Frankfurt), local partners Claire-Marie Mallad and Daniel Sander (both Frankfurt) and associates Jeffery Cheung and Serah Ogunsanwo (both London).

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