BlackRock Officially Launches Bitcoin ETP in the UK

BlackRock has officially been approved by the UKs Financial Conduct Authority (FCA) as a crypto asset firm, allowing the investment giant to operate its new European Bitcoin exchange-traded product (ETP) as a UK entity.

This marks a significant milestone for BlackRock, which manages approximately $12 trillion in assets, expanding its presence in the crypto asset space.

Expansion of Bitcoin ETFs: A Major Milestone

Following its successful debut of a spot Bitcoin exchange-traded fund (ETF) in the United States in January 2024, BlackRocks iShares Bitcoin ETP launched in the European markets. The US Bitcoin ETF quickly became the largest in the country, amassing over $47 billion in assets within its first year of trading. In total, US Bitcoin ETFs have attracted over $107 billion during their inaugural year, the fastest growth seen for any ETF product.

BlackRock Joins FCAs List of Crypto Asset Firms

BlackRock became the 51st firm to be officially registered as a crypto asset company with the FCA on April 1. This allows BlackRock to expand its cryptocurrency offerings in the UK, joining the ranks of companies like Coinbase, PayPal, and Revolut. Despite some criticism of the FCA for approving only a fraction of the firms that have applied, the authority has confirmed that it rejects submissions lacking critical information or quality.

iShares Bitcoin ETP Launches in Europe

BlackRocks iShares Bitcoin ETP was officially listed on Euronext Paris and Amsterdam stock exchanges last week. To make it more attractive to investors, the ETP launched with a fee waiver of 10 basis points, lowering its expense ratio to 0.15% until the end of the year. After the waiver expires, the fee will revert to 0.25%, which will align it with other products like the CoinShares Bitcoin ETP.

The new ETP is accessible to both institutional investors and informed retail investors, marking a major step for BlackRock in broadening its crypto asset portfolio and increasing accessibility to Bitcoin investments in Europe.

BlackRocks Growing Influence in Crypto

BlackRocks move into the Bitcoin market highlights the firms growing role in the cryptocurrency space. CEO Larry Fink has previously warned that Bitcoin could eventually overtake the US dollar if the US does not address its national debt. With growing approval from regulators and investors alike, BlackRock is positioning itself as a leading player in the evolving world of digital assets.

Kosta Gushterov

Reporter at Coindoo

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