BlackRock, With $12T Assets, Gains UK Approval to Launch iShares Bitcoin ETP on Euronext Markets

BlackRock, the world's largest asset manager with $12 trillion in assets, has been approved by the UK's Financial Conduct Authority (FCA) to operate as a crypto asset firm. This approval, making BlackRock the 51st company on the FCA's list, allows it to offer crypto services in the UK, including its iShares Bitcoin Exchange-Traded Product (ETP).

The approval comes after BlackRock announced the launch of its Bitcoin ETP in Europe, which is listed on the Euronext stock markets in Paris and Amsterdam. The ETP, which has a fee waiver of 10 basis points until the end of the year, reducing its expense ratio to 0.15%, is available to both institutional and informed retail investors. After the waiver ends, the expense ratio will revert to 0.25%, aligning it with rival products like that listed by CoinShares.

BlackRock's move into the crypto space in the UK follows the success of its spot Bitcoin ETF in the US, which debuted in January 2024 and has since become the largest US ETF with over $47 billion in assets. Manuela Sperandeo, BlackRock’s head of Europe & Middle East iShares Product, highlighted this as a tipping point in the industry.

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