The FCA has revealed its plans to lift restrictions on crypto exchange-traded notes, creating a pathway for BlackRock to launch its Bitcoin exchange-traded fund.
From 8 October 2025, retail traders will once again be able to buy crypto-linked ETNs, following a ban that has been in place since 2021. The Financial Conduct Authority (FCA) originally barred retail access to these products on the grounds that they carried high levels of risk. Officials now say that tighter rules and greater investor safeguards justify reopening the market. From October, such products may be listed on FCA-approved exchanges, provided firms include clear warnings and follow strict marketing guidelines. The regulator stressed that risks remain, though disclosures should improve transparency for investors.
BlackRock’s move into the UK
The upcoming change enables BlackRock to bring its iShares Bitcoin ETP to the London Stock Exchange. Until now, trading in these products was limited to professional and institutional clients. By making them available to retail participants, the move is expected to provide a regulated option for exposure to Bitcoin without requiring direct ownership.
According to company representatives, the listing is part of a wider strategy to expand access to digital assets through established financial markets. The firm has recently increased its exposure to cryptocurrencies, adding more than USD 200 million in Bitcoin and Ether. Its total digital asset holdings now exceed USD 100 billion, highlighting the scale of its involvement ahead of the UK launch.
Analysts suggest the London launch could attract additional demand, though volatility is still likely. If successful, the development may encourage other asset managers to introduce similar products. For retail investors, it marks renewed access to crypto markets through regulated channels.
