Key Takeaways
- An impending FCA rule change will let retail investors in the U.K. access crypto exchange-traded notes.
- ETNs differ from ETFs, which are required to diversify their portfolio under European regulation.
- Bitwise, WisdomTree, and 21Shares currently list Bitcoin ETNs on the London Stock Exchange, but only for qualified investors.
BlackRock is reportedly set to list its iShares Bitcoin ETP (BTCN) on the London Stock Exchange when the Financial Conduct Authority (FCA) lifts an embargo on crypto exchange-traded notes (ETNs) on Oct. 8.
The rule change will open the U.K. market up to ETNs that track the price of Bitcoin as the cryptocurrency breaks new ground above $114,000.
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FCA Rule Change To Allow Bitcoin ETNs
In October, U.K.-based retail investors will once again be permitted to buy crypto ETNs, marking the end of a ban imposed in January 2021.
These instruments are debt securities that track the price of underlying crypto assets like Bitcoin. Unlike ETFs, investors hold a claim on the issuer, not the fund itself
The looming rule change won’t open the door to Bitcoin ETFs, which fall outside of the UCITS (Undertakings for Collective Investment in Transferable Securities) framework that regulates ETFs in the U.K. and EU.
Under UCITS, ETFs must follow the 5/10/40 rule.
This dictates that a fund can only invest up to 5% of its net asset value in securities from a single issuer. The limit can rise to 10% per issuer, but the total exposure above 5% cannot exceed 40% of the fund’s assets.
This prevents asset managers in Europe from structuring Bitcoin ETFs the same way they have in the U.S.
Bitcoin Funds on the London Stock Exchange
Alongside BlackRock, Bitwise, WisdomTree, and 21Shares have also used the ETN format to bring BTC-tracking products to the London Stock Exchange. However, these vehicles are currently restricted to qualified investors.
21Shares CEO Russell Barlow called the lifting of the retail ban “extremely significant,” but he did not explicitly confirm whether the firm will begin offering its products to retail investors.
The same goes for WisdomTree’s Director of Digital Assets Research, Dovile Silenskyte, who described the move as “a pivotal moment” for integrating digital assets into the financial system, but didn’t commit to expanding retail access.
Elsewhere in Europe, asset managers including BlackRock, Bitwise, WisdomTree, 21Shares, Coinshares, and Global X already offer various crypto ETPs.
For example, BlackRock’s BTCN is currently available to retail investors in France, Germany, the Netherlands, and Switzerland.
Bitcoin as a Mainstream Investment
The FCA’s October rule change arrives at a time when Bitcoin is already trading at record highs above $114,000.
The cryptocurrency’s strong performance in 2025 has been fueled by institutional demand, tightening supply following the 2024 halving, and a surge of interest in regulated investment vehicles such as ETFs in the U.S. and ETNs in Europe.
Looking forward, Bitcoin’s ability to sustain levels above $100,000 could reinforce confidence in upcoming U.K.-listed products, helping to onboard new types of investors to the increasingly mainstream asset class.
