BlackRock has launched the first Bitcoin Exchange Traded Product (ETP) on the London Stock Exchange (LSE), marking a major win for UK retail investors and the broader Bitcoin industry.
The move comes after the Financial Conduct Authority (FCA) lifted a four-year ban on retail access to investment products linked to digital assets, allowing everyday investors to gain exposure to regulated Bitcoin.
iShares Bitcoin ETP trades under the ticker IB1T and allows investors to buy shares that track the price of Bitcoin without actually owning the asset.
The product is physically backed by Bitcoin, and management is provided through a regulated entity like Coinbase. BlackRock said ETP’s total expense ratio (TER) will be 0.15% through the end of 2025, rising to 0.25% thereafter.
The ETP began trading at around $11 per unit on the LSE. For many people in the UK, this is the first time they have been able to easily invest in Bitcoin through traditional brokerages or tax-advantaged accounts such as ISAs and SIPPs.
Related: BlackRock’s iShares launches first Bitcoin ETP on Swiss SIX exchange
BlackRock’s launch follows a major policy shift from the Financial Conduct Authority, which banned retail access to digital assets ETNs and derivatives in 2021, citing concerns about volatility and investor protection.
In October 2025, regulators reversed their stance and allowed retail investors to access Bitcoin ETPs listed on UK-regulated exchanges.
David Zeal, executive director of payments and digital finance at the FCA, said: “The product is now more mainstream and better understood.” He added that the regulator believes the digital asset market has matured since the ban was introduced.
The new framework will allow investors to trade ETPs linked to Bitcoin through FCA-approved exchanges and platforms. However, the FCA said it will continue to monitor the sector closely and maintain restrictions on risky products such as Bitcoin derivatives.
BlackRock’s iShares Bitcoin ETP is not alone. Other asset managers such as 21Shares, Bitwise and WisdomTree have also launched or expanded their products on the LSE since the FCA changed its policy.
Swiss company 21Shares has launched four new digital asset products, including a low-cost “core” Bitcoin and Ethereum ETP with fees as low as 0.10%.
Russell Barlow, the company’s CEO, called the move “a landmark step for the UK market and for retail investors who have been excluded from regulated crypto products for many years.”
Bitwise has listed four ETPs (two each on Bitcoin and Ethereum) and temporarily lowered fees on its core Bitcoin ETP to 0.05% for six months. WisdomTree has lowered fees for physical Bitcoin and Ethereum ETPs to 0.15% due to increased competition in the market.
For BlackRock, the launch of IB1T is another step in its commitment to digital assets. The firm, which manages more than $13 trillion in assets, has enjoyed great success with the U.S.-listed iShares Bitcoin Trust (IBIT), the world’s largest spot Bitcoin ETF with approximately $90 billion in assets.