BlackRock, the global investment powerhouse managing around $12 trillion in assets, has gained approval from the UK’s Financial Conduct Authority (FCA) to operate as a crypto asset firm. This green light, granted on April 1, 2025, allows the corporation to introduce its new iShares Bitcoin Exchange-Traded Product (ETP) in the UK. The move marks a significant step for the firm as it expands its cryptocurrency offerings across Europe.
This development follows BlackRock’s successful launch of a spot Bitcoin Exchange-Traded Fund (ETF) in the US in January 2024. That ETF quickly grew to become the largest of its kind in the US, amassing over $47 billion in assets within its first year. Alongside other US spot Bitcoin ETFs, it contributed to a staggering $107 billion in trading volume during 2024. Now, this company is bringing its expertise to the UK market with the iShares Bitcoin ETP.
BlackRock Becomes the 51st FCA-Approved Crypto Firm
On April 1, 2025, BlackRock officially became the 51st company registered as a crypto asset firm with the FCA, joining industry leaders like Coinbase, PayPal, and Revolut. The FCA, known for its strict standards, has approved only about 14% of applicants since it began regulating crypto firms. According to the FCA’s website, many applications are rejected due to missing or low-quality components essential for assessment. While the FCA has faced criticism for its strict approach, BlackRock’s successful registration highlights the firm’s commitment to regulatory compliance and its growing influence in the global cryptocurrency market.
The FCA did not respond to requests for comment, and BlackRock also declined to provide a statement.
iShares Bitcoin ETP Hits European Markets
Last week, BlackRock rolled out its iShares Bitcoin ETP on the Euronext stock exchanges in Paris and Amsterdam. The product launched with an attractive fee waiver of 10 basis points, lowering its expense ratio to just 0.15% until December 31, 2025. This makes it one of the most affordable Bitcoin ETPs available. Once the waiver expires, the fee will rise to 0.25%, aligning it with competitors like CoinShares’ offering.
Designed for both institutional and knowledgeable retail investors, the ETP aims to capitalize on the growing demand for crypto investments. Bloomberg reports that the product reflects a turning point in the industry, blending retail interest with increasing professional involvement. Manuela Sperandeo, BlackRock’s head of Europe & Middle East iShares Product, highlighted this shift in an interview with Bloomberg, calling it a sign of maturing market dynamics.
Building on US Success
BlackRock’s foray into the UK crypto market builds on its US achievements. The spot Bitcoin ETF, launched in January 2024, set a high bar by becoming the top US ETF with $47 billion in assets by early 2025. The broader US spot Bitcoin ETF market, including BlackRock’s product, saw inflows exceeding $107 billion in its debut year. This success likely fueled the decision to expand its Bitcoin offerings into Europe, starting with the UK.
The iShares Bitcoin ETP offers a regulated way for European investors to gain exposure to Bitcoin without directly owning the cryptocurrency. Its low initial fee of 0.15%—rising to 0.25% after the waiver—positions it as a competitive option against rival ETPs. For comparison, CoinShares’ similar product also charges 0.25%, making BlackRock’s offering a strong contender in the growing market.
A Growing Crypto Landscape
BlackRock’s entry into the UK crypto space comes as digital assets gain mainstream traction. The FCA’s approval list, now featuring 51 firms, includes heavyweights like Coinbase and PayPal, showing the sector’s increasing legitimacy. However, the regulator’s tough stance—approving just 14% of applicants—highlights the challenges companies face in meeting compliance standards.
For BlackRock, this milestone reinforces its leadership in the investment world. With $12 trillion in assets under management, the firm’s move into crypto signals confidence in the asset class’s future. The iShares Bitcoin ETP, now live in Paris and Amsterdam and backed by UK approval, could pave the way for further expansion across Europe.
With BlackRock’s continued push into Europe and beyond, its role in shaping the future of cryptocurrency investments is only expected to grow.
What’s Next?
BlackRock’s UK approval on April 1, 2025, and the launch of its iShares Bitcoin ETP, mark a bold step forward. The product’s low fees and broad accessibility make it appealing to a wide range of investors. As the waiver period ends on December 31, 2025, and fees adjust to 0.25%, BlackRock will face competition from established players like CoinShares. For now, the firm is riding high on its US success and betting big on Europe’s growing appetite for crypto.
