21Shares, Bitwise and WisdomTree open UK retail access to Bitcoin and Ethereum ETPs following FCA approval

Crypto asset managers 21Shares, Bitwise, and WisdomTree are opening up access to their Bitcoin and Ethereum exchange-traded products to UK retail investors for the first time.

The move comes 12 days after the Financial Conduct Authority, the UK's financial regulator, officially lifted its four-year retail ban on crypto exchange-traded notes, expanding availability beyond professional investors.

21Shares listed two physically backed products on the London Stock Exchange for each of the cryptocurrencies on Monday, including a staking component for its Ethereum ETPs and a reduced 0.1% fee for some products.

"Today's launch represents a landmark step for the UK market and for everyday investors who, for years, have been excluded from regulated crypto products," 21Shares CEO Russell Barlow said in a statement shared with The Block. "This is an important start, but not the finish line — access to Bitcoin and Ethereum is only the first step in building a more comprehensive and innovation-friendly framework for the UK."

21Shares previously listed its crypto ETPs for institutional investors in the UK last year, going on to capture 70% of total turnover on the LSE, the firm claims, with 21Shares UK Head Alex Pollak telling The Block at the time that opening up for retail would be a "game changer" moment.

Meanwhile, WisdomTree listed its physically backed Bitcoin and Ethereum ETPs on the LSE with 0.15% and 0.35% fees, respectively, similarly following their previous UK institutional product launches.

"The availability of crypto ETPs on the Main Market of the LSE demonstrates how far the market has evolved, giving investors confidence that they can access digital assets through trusted, regulated channels," WisdomTree Alexis Marinof said. "Access and transparency are essential to building trust in this asset class, and today’s milestone reinforces that belief."

Bitwise also announced that it would list its Bitcoin and Ethereum ETPs on the LSE on Tuesday, lowering the fee for its Core Bitcoin ETP to 0.05% for at least six months. "We are excited to make Bitwise Bitcoin and Ethereum ETPs available to a much wider group of investors in Europe's largest investment market through this launch on the London Stock Exchange," Bitwise Head of Europe Bradley Duke said.

Furthermore, BlackRock also listed its iShares Bitcoin ETP on the LSE on Monday, according to its website, first reported by the Financial Times. "As the UK crypto investor base is projected to approach 4 million over the next year, today's listing of exchange-traded products like iShares Bitcoin ETP unlock a securer gateway to digital assets through traditional investment platforms," BlackRock EMEA Head of Global Product Solutions Jane Sloan said per the outlet.

FCA lifts four-year retail ban on crypto ETNs

Since January 2021, the FCA prohibited the sale, marketing, and distribution of crypto derivatives and crypto ETNs to retail consumers, applying to all UK-regulated platforms and brokers. In March 2024, the FCA updated its position to allow recognized investment exchanges to list crypto asset-backed ETNs for professional investors only, restricted to entities such as investment firms and credit institutions, with stringent controls to ensure orderly trading and investor protection. 

This latest development means retail investors can now access these products through UK-regulated investment platforms and brokers too, using standard brokerage accounts and tax wrappers, like ISAs and SIPPs, WisdomTree noted on Monday. The move also aligns the UK more closely with countries such as the U.S., Canada, Hong Kong, and across the EU. However, the ban on broader crypto asset derivatives for retail remains in place.

The UK has adopted a phased approach to crypto regulation, aiming to position itself as a global hub for digital assets while prioritizing consumer protection and financial stability. Comprehensive regulations covering stablecoins, trading platforms, lending, staking, and custody are also currently under consultation as part of the FCA's crypto roadmap, with full implementation expected in 2026.

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