Well, now, would you look at that! BlackRock has spun the wheel of fortune and snatched itself a shiny registration with the UK’s Financial Conduct Authority (FCA). This clever maneuver permits the illustrious asset manager to play matchmaker for iShares Digital Assets AG, those rascals who dish out ETPs like candy on Halloween. 🍭
What does that mean, you ask? Why, it means our dapper friends at BlackRock can now arrange the execution of transactions in cryptoassets! Yes, indeed, they’re all set to support ETP subscriptions and redemptions faster than a hare on a date with a tortoise. 🐇
Rejoice! BlackRock’s Cryptic Approval is Here! 🚀
Hold onto your hats, folks! BlackRock, that gargantuan of asset management, has received the nod of approval from the UK regulators to strut around as a crypto asset firm. According to the wise folk at the FCA, BlackRock is now free to arrange deals and sales galore involving those spiffy ETPs spun out by iShares Digital Assets AG. And wouldn’t you know it, they’re rolling out their brand new European spot, Bitcoin (BTC) ETP, faster than a dog runs after a squirrel. 🐶
Now, let’s not forget the FCA’s crypto register, which popped up in 2020 like an overly eager jack-in-the-box. It was set to ensure that only crypto firms that play by the rules, namely the anti-money laundering (AML) ones, could offer their wares in the kingdom of coin. They’ve sifted through 368 applications like a raccoon through trash, and only 51 firms made the cut—just about 14% of the hopefuls. Notable fellows on this rather exclusive list include Coinbase, Fidelity, Gemini, and Kraken, the punny crypto party crashers. 🎉
Now, this snazzy registration allows BlackRock to orchestrate transactions related to exchange-traded products (ETPs) from iShares Digital Assets AG, all backing those digital assets. While this registration is a bullish bullish move (and yes, I meant to say it twice!), let me toss in a pickle: In the UK, these crypto-centric ETPs are currently accessible only to those institutional and professional investors. Sorry, retail investors; it seems your ticket is still in the hand of a very snooty doorman. 🎩
BlackRock’s European ETP Extravaganza!
Just days before our tale of triumph, BlackRock launched its inaugural bitcoin exchange-traded product in Europe. The ‘iShares Bitcoin ETP’ is about as groundbreaking as a cat learning to fetch! It’s the first crypto-backed contraption to debut outside of North America, following the roaring success of its US spot Bitcoin ETF, ‘IBIT’, which came dashing into view in 2024. 🐱👤
Now, the iShares Bitcoin ETP is making quite the splash on both Euronext Paris and Xetra with the roguish ticker “IB1T”, and over on Euronext Amsterdam wearing the “BTCN” tag like a fine suit. This ETP is backed by real-life bitcoin and tucked away safely in the chilly vaults of Coinbase Custody International Ltd. Talk about keeping your treasures safe! 🏴☠️
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2025-04-03 19:10