Managing around $12 trillion in assets, BlackRock has received approval from the FCA to operate as a crypto asset firm in the UK, enabling the offering of a new European bitcoin-related product.
FCA Approval and New Opportunities
BlackRock has become the 51st firm registered with the FCA, allowing it to offer its crypto services in the UK. The agency has approved only 14% of applications, demonstrating its selectiveness.
Launch of iShares Bitcoin ETP
Marketed under the ticker IB1T, the iShares Bitcoin ETP began trading on Euronext exchanges in Paris and Amsterdam last week. The product offers reduced fees down to 0.15% until the end of 2024, then increasing to 0.25%.
Growing Interest in Bitcoin Investments
The crypto investment market outside North America shows growing interest thanks to efforts from companies like BlackRock. CEO Larry Fink noted that rising US debt could weaken the dollar's dominance, enhancing Bitcoin's appeal as a store of value.
BlackRock's entry into the European crypto asset market highlights the growing interest in Bitcoin as a valuable asset amidst economic uncertainty.
