BlackRock Plans Bitcoin ETP Launch UK October Amid FCA Rule Change

BlackRock is preparing to launch its iShares Bitcoin Exchange-Traded Product (ETP) on the London Stock Exchange in October, coinciding with the UK Financial Conduct Authority's (FCA) rule change that will allow retail investors to access crypto exchange-traded notes (ETNs) again after a ban since January 2021. While the FCA's new regulations permit ETNs that track Bitcoin prices, Bitcoin ETFs remain restricted under the UCITS framework, which imposes strict diversification rules that complicate ETF structures similar to those in the US. BlackRock's move is part of a broader trend of increasing institutional acceptance of cryptocurrencies, offering UK investors a regulated and more accessible way to gain exposure to Bitcoin without directly holding the asset. This development follows recent strong inflows into Bitcoin ETFs globally, especially in the US, where BlackRock's Bitcoin ETF (IBIT) has led net inflows exceeding $1.1 billion over three recent trading sessions. The relaunch of crypto ETNs for retail investors in the UK is seen as a significant step for market accessibility, with other firms like Bitwise, WisdomTree, and 21Shares also offering Bitcoin ETNs but currently limited to qualified investors. Overall, BlackRock's planned Bitcoin ETP listing marks a pivotal moment for mainstream cryptocurrency adoption in the UK financial market.