BlackRock has launched the iShares Bitcoin ETP on the London Stock Exchange (LSE), marking its first exchange-traded bitcoin product open to UK retail investors. The physically backed product holds bitcoin through custody provided by Coinbase, with coins transferred daily from trading wallets into segregated, offline cold storage.
Jane Sloan, EMEA head of global product solutions at BlackRock, told the Financial Times that the listing comes as the UK crypto investor base is projected to reach 4 million within a year.
“Built on institutional-grade infrastructure, [the ETP] enables UK investors to gain exposure to bitcoin with the confidence of robust custody and regulatory oversight,” Sloan said.
The launch follows rising domestic interest in digital assets: a recent BlackRock report found a 12% increase in crypto investments since 2022, with a further 21% of UK adults expected to invest for the first time over the next year.
The iShares Bitcoin ETP extends BlackRock’s digital asset lineup following its earlier spot bitcoin ETF approval in the U.S. in January 2024, a pivotal moment for institutional adoption. Unlike derivatives-based exposure, the UK-listed ETP is directly backed by bitcoin held in Coinbase’s cold wallets, reducing counterparty and rehypothecation risks.
The listing underscores a gradual easing of regulatory stances toward crypto-linked investment products in Europe, though the Financial Conduct Authority (FCA) continues to caution retail investors on volatility and potential losses when investing in digital assets.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Michael McSweeney before publication.
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Source: https://blockworks.co/news/blackrock-lists-bitcoin-etp-for-uk-retail-investors
