BlackRock debuted a bitcoin exchange-traded product (ETP) on the London Stock Exchange on Monday, one of a number of similar offerings that started trading after the Financial Conduct Authority ended a ban on retail investment imposed in 2021.
In addition to the iShares Bitcoin ETP trading under the ticker IB1T, investors also gained access to products from companies including 21Shares, WisdomTree and Bitwise, which allow retail investors to buy exposure to bitcoin through a regulated market without needing to hold the cryptocurrency directly.
BlackRock’s product is already available elsewhere in Europe, having been listed on Xetra, Euronext Amsterdam and Euronext Paris in late March according to the BlackRock’s page for the product.
Switzerland-based 21Shares introduced four of its flagship crypto ETNs. These include its bitcoin (ABTC) and ether (AETH) staking products, as well as two lower-fee “Core” offerings, CBTC and ETHC, with management fees of 0.10%.
“Today’s launch represents a landmark step for the U.K. market and for everyday investors who, for years, have been excluded from regulated crypto products,” 21Shares CEO Russel Barlow said in an emailed press release. Ending the ban “begins to level the playing field with Europe.”
The WisdomTree Physical Bitcoin and WisdomTree Physical Ethereum ETPs, which were previously available only to wealthy investors, are expected to be available through a range of U.K.-regulated investment platforms starting this week, the company said.
Bitwise listed four ETPs on the LSE, two each tracking BTC and ETH. The firm said on Monday it was reducing the management fee of its Core Bitcoin ETP (BTC1) from 20 basis points to 5 bps for the next six months.
BlackRock, which manages over $13 trillion in assets globally, has seen strong growth in its crypto-focused products. Its flagship bitcoin ETF, the iShares Bitcoin Trust (IBIT), has $85.5 billion in net assets according to SoSoValue data. This makes it the largest spot bitcoin ETF, followed by Fidelity’s FBTC, which has $21.9 billion in net assets.
UPDATE (Oct. 20, 12:06 UTC): Adds listings by 21Shares, WisdomTree and Bitwise starting in first paragraph.