BlackRock UK Bitcoin ETP begins trading in London after UK FCA relaxes cryptocurrency ban

BlackRock's Bitcoin exchange-traded product (ETP) launched on the London Stock Exchange on October 20th, trading under the ticker symbol IB1T. This marks the asset management firm's first launch of such a product in the UK, following the lifting of the Financial Conduct Authority's (FCA) ban on some Bitcoin-related ETPs. The product, already listed on several European exchanges, including Xetra, Euronext Amsterdam, and Euronext Paris, allows retail investors to indirectly invest in Bitcoin through regulated markets without having to directly hold the cryptocurrency. Separately, Swiss-based 21Shares also debuted four flagship crypto ETNs for UK retail investors, including Bitcoin (ABTC) and Ethereum (AETH) collateralized products, as well as two low-fee "Core" products, CBTC and ETHC, with a management fee of 0.10%.