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The global investment behemoth BlackRock, which manages approximately $12 trillion in assets, has been granted permission from the UK’s Financial Conduct Authority (FCA) to operate as a crypto asset firm. As per an Apr. 1 report from DL News, this regulatory green light enables BlackRock to offer its new iShares Bitcoin ETP (Exchange-Traded Product) under the ticker IB1T in the UK, expanding its digital asset services beyond the U.S., where it already runs the successful iShares Bitcoin Trust.
BlackRock’s approval from the FCA, the top watchdog in the UK’s financial markets, signals a significant step forward for the company in the digital currency domain. This approval further positions BlackRock alongside other prominent companies such as Coinbase, PayPal, and Revolut, making it the 51st company to be registered with the FCA. The FCA’s approval is not easily won, with only 14% of applications achieving success. A significant portion of rejections were due to subpar or incomplete information in the applications, further underscoring the rigor of the FCA’s approval process.
BlackRock’s iShares Bitcoin ETP commenced trading last week on Euronext Paris and Amsterdam, buoyed by a temporary fee waiver that reduces its expense ratio to 0.15% until the end of 2024. Post-2024, the fee will increase to 0.25%, aligning with CoinShares’ $1.3 billion physical Bitcoin ETP, the largest of its kind in Europe.
Each share of the iShares Bitcoin ETP is backed by real Bitcoin, held in custody by Coinbase. This structure provides investors direct exposure to Bitcoin, mirroring the success of BlackRock’s U.S.-listed iShares Bitcoin Trust, or IBIT. Since its launch, the IBIT has accumulated more than $48 billion in assets, according to data from VettaFi.
The iShares Bitcoin ETP offers European investors a regulated pathway to gain exposure to Bitcoin without the need to directly hold the currency. The ETP is issued through a Swiss-based special-purpose vehicle to ensure compliance with European financial regulations.
BlackRock’s foray into Europe underscores a growing demand for Bitcoin investment products outside of North America. The company’s CEO Larry Fink has recently highlighted the potential for rising U.S. debt to undermine the dollar’s dominance, which could, in turn, bolster Bitcoin’s standing as a store of value.
In his annual letter published on Mar 31, Fink suggested that investors might gravitate towards Bitcoin as a safer option amidst mounting government expenditure. With BlackRock’s recent FCA approval, it appears that the investment giant is preparing to accommodate this potential shift in investor preference.
