Core Insights - BlackRock is preparing to list its iShares Bitcoin ETP (BTCN) on the London Stock Exchange following a rule change by the FCA that will allow crypto exchange-traded notes (ETNs) starting October 8 [1][3] - The rule change will enable U.K. retail investors to purchase ETNs that track Bitcoin, coinciding with Bitcoin's price surpassing $114,000 [2][3] Regulatory Changes - The FCA's rule change marks the end of a ban on crypto ETNs that was imposed in January 2021, allowing retail investors to access these financial instruments [3][7] - ETNs are debt securities that track the price of underlying crypto assets like Bitcoin, differing from ETFs in that investors hold a claim on the issuer rather than the fund itself [3][7] Market Impact - Other firms such as Bitwise, WisdomTree, and 21Shares are also utilizing the ETN format to offer Bitcoin-tracking products on the London Stock Exchange, but these are currently limited to qualified investors [5][7] - The lifting of the retail ban is seen as a significant development for integrating digital assets into the financial system, although firms have not confirmed plans to expand retail access [5][6] Comparison with ETFs - The rule change does not permit the introduction of Bitcoin ETFs in the U.K. due to the UCITS framework, which imposes diversification rules that complicate the structuring of such funds [4][3] - Under UCITS, ETFs must adhere to the 5/10/40 rule, limiting investment in a single issuer and overall exposure [4] Current Availability - BlackRock's BTCN is already available to retail investors in several European countries, including France, Germany, the Netherlands, and Switzerland [8]