BlackRock has launched a bitcoin exchange traded product to UK retail investors.
The iShares Bitcoin ETP is now listed on the London Stock Exchange with the securities of the product physically backed by bitcoin held through coinbase.
Jane Sloan, EMEA head of global product solutions at BlackRock, said: “As the UK crypto investor base is projected to approach 4mn 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.
“Built on institutional-grade infrastructure, [the product] enables UK investors to gain exposure to bitcoin with the confidence of robust custody and regulatory oversight.”
BlackRock said investor demand for cryptocurrency has grown by 12 per cent since 2022.
The company’s ‘People & Money: The next wave of crypto investors in the UK’ research predicts a 21 per cent rise in UK adults investing in crypto for the first time over the next 12 months.
For the product, Coinbase transfers bitcoin in the trading wallet into segregated, offline, cold storage wallets by the end of each day.
tara.o’connor@ft.com
What’s your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com