BlackRock has launched its first Bitcoin exchange-traded product (ETP) on the London Stock Exchange (LSE), in a big win for UK retail investors and the wider bitcoin industry.
The move comes after the Financial Conduct Authority (FCA) lifted its four-year ban on retail access to digital-asset-linked investment products, allowing everyday investors to get regulated exposure to bitcoin.
The iShares Bitcoin ETP, trading under the ticker IB1T, lets investors buy shares that track the price of bitcoin without actually owning the asset.
The product is physically backed by bitcoin, with custody provided through regulated entities like Coinbase. BlackRock says the ETP has a total expense ratio (TER) of 0.15% until the end of 2025, after which it will rise to 0.25%.
The ETP started trading at around $11 per unit on the LSE. For many in the UK this is the first time they can easily invest in bitcoin through a traditional brokerage or tax-advantaged accounts like ISAs and SIPPs.
Related: BlackRock’s iShares Launches First Bitcoin ETP on SIX Swiss Exchange
BlackRock’s launch follows a big policy U-turn from the Financial Conduct Authority, which banned retail access to digital asset exchange-traded notes (ETNs) and derivatives in 2021 due to concerns about volatility and investor protection.
In October 2025, the regulator reversed its stance, allowing retail investors to access bitcoin ETPs listed on UK-regulated exchanges.
David Geale, the FCA’s executive director of payments and digital finance, said, “products are 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 allows investors to trade bitcoin-linked ETPs through FCA-approved exchanges and platforms. But the FCA said it will continue to monitor the sector closely and maintain restrictions on riskier products like bitcoin derivatives.
BlackRock’s iShares Bitcoin ETP is not alone. Other asset managers like 21Shares, Bitwise and WisdomTree have also launched or expanded their products on the LSE since the FCA changed its policy.
21Shares, a Swiss firm, launched four new digital asset products, including low-cost “Core” Bitcoin and Ethereum ETPs with fees as low as 0.10%.
Its CEO, Russel Barlow, called the move “a landmark step for the U.K. market and for everyday investors who, for years, have been excluded from regulated crypto products.”
Bitwise listed four ETPs — two each for bitcoin and ethereum — and temporarily reduced the fee on its Core Bitcoin ETP to 0.05% for six months. WisdomTree cut the fee on its 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 digital-asset journey. The company, which manages over $13 trillion, has had huge success with its U.S.-listed iShares Bitcoin Trust (IBIT), which has around $90 billion in assets and is the world’s largest spot bitcoin ETF.
