BlackRock and WisdomTree have launched crypto exchange traded products (ETPs) on the London Stock Exchange (LSE) following the UK regulator’s decision to approve retail access to the products.
BlackRock’s iShares Bitcoin ETP (IB1T) is physically backed by Bitcoin with the assets held in trust by custodian Coinbase, while WisdomTree’s Physical Bitcoin ETP (BTCW) and Physical Ethereum ETP (ETHW) are secured in cold storage by Coinbase and Swissquote.
The FCA’s ban on retail investors accessing crypto ETNs was lifted on 8 October meaning retail investors can now access these products through UK-regulated investment platforms and brokers, using standard brokerage accounts and tax wrappers, such as ISAs and SIPPs.
Alexis Marinof, head of Europe at WisdomTree, said: “The availability of crypto ETPs on the Main Market of the LSE demonstrates how far the market has evolved, giving investors confidence that they can access digital assets through trusted, regulated channels.
“Access and transparency are essential to building trust in this asset class, and today’s milestone reinforces that belief.”
Bitwise has also launched four crypto ETPs for retail investors on LSE; Bitwise Core Bitcoin ETP, Bitwise Physical Bitcoin ETP, Bitwise Ethereum Staking, and Bitwise Physical Ethereum ETP.
The crypto specialist asset manager has reduced the total expense ratio (TER) of BTC1 to 0.05% from 0.20% for six months, and then until further notice, for the benefit of both new and existing investors.
Bradley Duke, managing director and head of Europe at Bitwise, said: “We are excited to make Bitwise Bitcoin and Ethereum ETPs available to a much wider group of investors in Europe’s largest investment market through this launch on the London Stock Exchange.
“At Bitwise, we see it as our role to accompany investors on their journey in this dynamic asset class. UK investors can now gain exposure to Bitcoin or Ethereum through products that are fully backed and available via their brokers and tax-advantaged accounts.”
