Overview
- Earlier this month the Financial Conduct Authority lifted its retail restriction on crypto exchange‑traded products, allowing sales through UK brokers and tax‑advantaged wrappers.
- On Oct. 20, the London Stock Exchange listed physically backed Bitcoin and Ethereum products from BlackRock (IB1T) with Coinbase custody and low per‑unit access, joined by new offerings from 21Shares, WisdomTree and Bitwise.
- Price competition emerged at launch, with 21Shares charging 0.10% and Bitwise temporarily cutting its Core Bitcoin ETP to 0.05%, under BlackRock’s 0.15% introductory fee through 2025.
- Market signals remain cautious as U.S. spot Bitcoin ETFs posted about $1.2 billion in net outflows last week and another $40.5 million on Monday, with Bitcoin fluctuating roughly between $108,000 and $111,000.
- UK investors can currently hold these ETPs in ISAs and SIPPs, though ISA eligibility is due to shift after April 6, 2026, a timetable that could bring forward allocations.