BlackRock Registers as a Crypto Asset Firm in the UK—Big Move for Crypto?

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• BlackRock receives FCA approval to offer Bitcoin ETP in the UK, expanding its institutional crypto offerings in Europe.  
• BlackRock’s UK crypto approval highlights growing institutional interest in digital assets and bridges crypto with traditional finance.

Global asset manager BlackRock has received approval from the UK’s Financial Conduct Authority (FCA) to operate as a crypto asset firm, marking a step for institutional cryptocurrency adoption in Europe. The move allows BlackRock to expand its digital asset offerings, including its newly launched Bitcoin exchange-traded product (ETP) in the European market. 

JUST IN: BlackRock officially registers as a crypto asset firm in the UK.

— Watcher.Guru (@WatcherGuru) April 1, 2025

BlackRock joins the list of 51 companies registered with the FCA, alongside firms such as Coinbase, PayPal, and Revolut. The UK regulator has maintained a strict approval process, with only 14% of applications receiving authorization. Many applicants were rejected due to insufficient or poor-quality submissions, pointing out the FCA’s selective approach to overseeing the crypto industry.

However, the approval allows BlackRock to offer the iShares Bitcoin ETP (IB1T) in the UK, a product recently launched on Euronext Paris and Amsterdam. The ETP initially introduced a temporary fee waiver, reducing its expense ratio to 0.15% until the end of 2024, after which it will increase to 0.25%. This aligns with CoinShares’ $1.3 billion actual Bitcoin ETP, currently the largest in Europe.

Institutional Expansion in Europe

As highlighted in our previous post, BlackRock’s expansion into Europe comes when interest in institutional-grade crypto investment products rises. The firm has already reached growth with its iShares Bitcoin Trust (IBIT) in the U.S., which has acquired over $48 billion in assets since its launch in January 2024. The European ETP follows a similar structure, providing investors with regulated access to Bitcoin without requiring direct asset ownership.

IB1T is issued through a Swiss-based special-purpose unit to comply with European regulations. The structured approach bridges the gap between crypto investments and traditional financial markets, increasing accessibility for institutional and retail investors.

BlackRock’s Influence on Crypto Adoption

BlackRock’s move into the UK crypto market reflects growing demand for Bitcoin investment assets outside of North America. CEO Larry Fink recently highlighted concerns over rising U.S. debt and its possible impact on the dollar’s dominance, suggesting that alternative stores of value, including Bitcoin, may gain more traction.

However, the approval of BlackRock’s crypto asset registration in the UK has also sparked discussions about the possibility of an XRP-based exchange-traded fund. In a recent interview, as reported by ETHNews, Ripple CEO Brad Garlinghouse was asked about the potential for BlackRock to file for an XRP ETF in the U.S. While he did not confirm any plans, his response left room for speculation.

XRP community members view BlackRock’s increasing involvement in crypto markets as a positive development that could push regulatory acceptance of more digital asset products. However, no official steps have been taken toward launching an XRP ETF.

BlackRock’s approval as a crypto asset firm in the UK is a move in institutional crypto adoption. By expanding its Bitcoin ETP offerings to the European market, the firm is strengthening the ties between traditional financial institutions and the growing digital asset industry.