Core Insights - A suite of eleven retail-friendly crypto exchange-traded products (ETPs) debuted on the London Stock Exchange (LSE) on October 20, 2023, following a recent regulatory change that allows retail investors access to these products for the first time since 2021 [1][5] Group 1: Market Access - Prior to October 8, 2023, crypto ETPs in the U.K. were restricted to qualified investors, limiting access for the average retail investor [2] - The new offerings from asset managers such as WisdomTree, 21Shares, and Bitwise are now available on the LSE's main market, allowing retail investors to access them through their brokerage platforms [2][5] Group 2: Product Offerings - WisdomTree offers one ETP for Bitcoin and one for Ethereum, while 21Shares and Bitwise provide a more diversified range of products catering to both short- and long-term investors [3] - BlackRock's iShares Bitcoin ETP (IB1T) also launched on the LSE, marking its entry into the U.K. crypto investment market [3] Group 3: Fee Competition - In response to the launch of retail crypto ETPs, several asset managers have reduced fees to attract investors, with promotions running until the end of the year [4] - Bitwise has set its Core Bitcoin ETP fees at 0.05% until March 31, 2026, and has suspended fees on its flagship Ethereum product "until further notice" [4][6] - A full list of ETPs and their fees includes various offerings from Bitwise, 21Shares, and WisdomTree, with fees ranging from 0.00% to 2.00% [4][6]

Core Insights - BlackRock launched a bitcoin exchange-traded product (ETP) on the London Stock Exchange, following the Financial Conduct Authority's lifting of a retail investment ban imposed in 2021 [1] - The iShares Bitcoin ETP (IB1T) is part of a broader range of products now available to retail investors, including offerings from 21Shares, WisdomTree, and Bitwise, allowing exposure to bitcoin without direct ownership [2] - 21Shares introduced four crypto exchange-traded notes (ETNs), including bitcoin and ether staking products, marking a significant development for U.K. investors who previously lacked access to regulated crypto products [3] - Bitwise launched four ETPs on the LSE, reducing management fees for its Core Bitcoin ETP (BTC1) to enhance competitiveness [4] - BlackRock's iShares Bitcoin Trust (IBIT) has $85.5 billion in net assets, making it the largest spot bitcoin ETF, followed by Fidelity's FBTC with $21.9 billion [5]