An upcoming change from the Financial Conduct Authority (FCA) in the U.K. is set to broaden the investment landscape for retail investors by allowing access to cryptocurrency exchange-traded notes (ETNs) starting in October. This change signifies the end of a ban that has been in place since January 2021.
ETNs are structured as debt securities that track the price of underlying crypto assets, such as Bitcoin. Unlike exchange-traded funds (ETFs), which are required to diversify their portfolios under European regulations, investors in ETNs hold a claim on the issuer rather than on the fund itself.
As the FCA prepares to lift restrictions on October 8, BlackRock is poised to introduce its iShares Bitcoin ETP (BTCN) on the London Stock Exchange. This move comes at a time when Bitcoin is experiencing significant upward momentum, recently surpassing $114,000.
Currently, other major players in the cryptocurrency space, such as Bitwise, WisdomTree, and 21Shares, have launched Bitcoin ETNs on the London Stock Exchange; however, these products have only been available to qualified investors until now. The lifting of the retail ban is being seen as a major step forward. Russell Barlow, CEO of 21Shares, emphasized the significance of this change, although it remains unclear whether the firm will extend its offerings to retail investors. Similarly, WisdomTree’s Dovile Silenskyte described the moment as pivotal for the integration of digital assets into the broader financial system, but did not confirm plans to make similar offerings available to the retail market.
Across Europe, several asset managers are already providing various cryptocurrency ETPs, with BlackRock’s BTCN accessible to retail investors in countries like France, Germany, and Switzerland.
Bitcoin’s impressive performance in 2025 has been driven by a combination of institutional demand, reduced supply following the 2024 halving, and increased interest in regulated investment vehicles such as ETFs and ETNs. As the FCA’s rule change approaches, the cryptocurrency’s sustained trading above $100,000 may encourage confidence among potential investors and facilitate the acceptance of Bitcoin as a mainstream asset class in the U.K.
