BlackRock Launches Bitcoin ETP on London Stock Exchange
BlackRock has introduced the iShares Bitcoin Trust (IB1T) on the London Stock Exchange (LSE). This new exchange-traded product (ETP) lets UK retail investors access Bitcoin’s price through traditional brokerage accounts.
Details of the Bitcoin ETP
- The ETP tracks Bitcoin’s price within a regulated framework.
- It is physically backed by Bitcoin held by Coinbase.
- Bitcoin is moved daily from trading wallets to offline cold storage.
- This is BlackRock’s first Bitcoin product in the UK.
Jane Sloan, EMEA head of global product solutions at BlackRock, said the UK’s crypto investor base could reach 4 million in the next year. She told the Financial Times the product offers strong custody and regulatory oversight.
Market Context and Performance
The IB1T launch follows the UK Financial Conduct Authority’s (FCA) decision to lift a four-year ban on retail access to crypto ETPs and ETNs in October. BlackRock’s US spot Bitcoin ETF, launched in January 2024, is now its most profitable fund. It manages $85.5 billion in assets.
Last week, global Bitcoin products saw net outflows of $946 million as Bitcoin’s price dropped to $104,000. BlackRock’s US Bitcoin ETF recorded $278 million in outflows, second only to Grayscale’s GBTC with $298 million. Bitcoin has since risen above $110,000, gaining nearly 2% at the time of publication.
