This approval allows BlackRock to operate its new Bitcoin exchange-traded product (ETP) under a UK entity.

FCA Registration: What Does It Mean for BlackRock?

Managing a staggering $12 trillion in assets, BlackRock became the 51st crypto asset firm registered by the Financial Conduct Authority (FCA) on April 1.

This registration puts BlackRock alongside major players like Coinbase, PayPal, and Revolut. However, FCA has faced criticism for approving only 14% of applications submitted.

The FCA did not immediately respond to requests for comment.

Bitcoin ETP Listed in Europe

The iShares Bitcoin ETP was recently listed on Euronext Paris and Amsterdam stock exchanges.

Initially launched with a 10 basis point fee waiver, the expense ratio is set at 0.15% until the end of the year. Once the waiver expires, it will increase to 0.25%, matching competitors like CoinShares.

According to Bloomberg, this Bitcoin ETP is accessible to both institutional and informed retail investors.

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Manuela Sperandeo, BlackRock’s Head of Europe & Middle East iShares Product, stated: “This marks a tipping point in the industry—established demand from retail investors is now being matched by growing professional interest.”

BlackRock’s Spot Bitcoin ETF Success in the US

In January 2024, BlackRock launched the first spot Bitcoin ETF in the US. Since then, it has grown to over $47 billion in assets, making it the largest ETF in the US.

US-based spot Bitcoin ETFs collectively attracted $107 billion in their first year—growing faster than any other ETF category in history.

BlackRock declined to comment on the developments.

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