- UK retail investors will be able access crypto ETPs referencing Bitcoin and Ethereum on the London Stock Exchange, following the FCA’s decision to lift its retail access restrictions.
- Broad access – two Bitcoin ETPs, one Physical Ethereum ETP, and one Ethereum Staking ETP by Bitwise to be tradable on LST from 21st of October.
- Fee reduction: The Total Expense Ratio (TER) for the Bitwise Core Bitcoin ETP (BTC1) has been lowered to 0.05% (from 0.20%), effective for six months and then continuing until further notice.
- Tax-efficient access: Depending on platform availability, these ETPs may be eligible for ISAs, SIPPs, and other UK investment accounts. [Note: The tax treatment depends on your individual circumstances and may be subject to change in the future]
Bitwise today announced it will lower the fees for its Bitwise Core Bitcoin ETP (BTC1, ISIN: DE000A4AER62) to 5 basis points (0.05%), as it will admit the product and three other crypto Exchange Traded Products (ETPs) on the Retail Segment of the London Stock Exchange (LSE) on October 21st.
These listings represent the first time UK retail investors can gain exposure to Bitcoin and Ethereum through exchange-traded products listed on a UK Recognised Investment Exchange (RIE), coinciding with the Financial Conduct Authority’s (FCA) decision to lift its restrictions on retail access to crypto ETPs.
The launch of the four products gives retail investors access to the four Bitcoin and Ethereum ETPs which Bitwise listed on the LSE in April. They are the Bitwise Core Bitcoin ETP (BTC1, ISIN: DE000A4AER62), the Bitwise Physical Bitcoin ETP (BTCE, ISIN: DE000A27Z304), the Bitwise Ethereum Staking ETP (ET32, ISIN: DE000A3G90G9) and the Bitwise Physical Ethereum ETP (ZETH, ISIN: DE000A3GMKD7). Under the FCA’s guidance, UK retail investors can currently access crypto ETPs referencing Bitcoin and Ethereum only, and only when traded on FCA-recognised exchanges (for example, the London Stock Exchange).
Bitwise will reduce the Total Expense Ratio (TER) of BTC1 to 0.05% from 0.20% effective as of today, for six months, and then until further notice, making it the most cost-efficient member of the company’s suite of institutional-grade crypto ETPs, to the benefit of both new and existing investors in this rapidly evolving market.
Bradley Duke, Managing Director, Head of Europe at Bitwise, , said: We are excited to make Bitwise Bitcoin and Ethereum ETPs available to a much wider group of investors in Europe’s largest investment market through this launch on the London Stock Exchange. At Bitwise, we see it as our role to accompany investors on their journey in this dynamic asset class. UK investors can now gain exposure to Bitcoin or Ethereum through products that are fully backed and available via their brokers and tax-advantaged accounts.”
Bitwise crypto ETPs, often referred to as crypto ETCs or crypto ETNs depending on the listing segment of each stock exchange, are physically backed, MiFID II–compliant instruments traded on regulated stock exchanges. They aim provide investors with exchange-traded exposure to digital assets such as Bitcoin and Ethereum.
While the ETPs are listed on regulated exchanges, the underlying cryptoassets are not themselves regulated by the FCA, and investors are not protected by the Financial Services Compensation Scheme (FSCS) or Financial Ombudsman Service (FOS).
Equally important, access is provided via participating regulated brokers and investment platforms, which are required to carry out standard investor appropriateness and suitability checks before trading.
Bitwise’s ETPs are fully collateralised, with the underlying cryptoassets held in institutional custody. An independent trustee holds a security interest over the assets to the benefit of investors. In the event of issuer insolvency, these assets remain segregated from the issuer’s own balance sheet. While traditional unsecured ETNs are debt instruments that carry issuer counterparty risk, Bitwise’s physically backed crypto ETNs hold underlying digital assets in segregated custody, a structure similar in concept to physical gold ETCs. Nonetheless, crypto ETNs involve distinct risks, including digital-asset price volatility, custody complexities, and evolving regulation, which investors should carefully consider
Bitwise also provides transparency on reserves: an independent administrator publishes a weekly balance report of cryptocurrency holdings backing ETP units in circulation. The ETPs also enable financial advisors and wealth managers to offer clients exposure to digital assets within a regulated, exchange-traded format making it easier to integrate crypto into diversified portfolios.
LSE-Listed Bitwise ETPs Trading Information (for USD and GBP trading lines respectively)
| Instrument Name | ISIN | LSE Ticker | Trading currency | TER |
| Bitwise Core Bitcoin ETP | DE000A4AER62 | BTC1 | USD | 0.05%* |
| Bitwise Core Bitcoin ETP | DE000A4AER62 | BTC3 | GBP | 0.05%* |
| Bitwise Ethereum Staking ETP | DE000A3G90G9 | ET32 | USD | 0.85% |
| Bitwise Ethereum Staking ETP | DE000A3G90G9 | ET33 | GBP | 0.85% |
| Bitwise Physical Ethereum ETP | DE000A3GMKD7 | BETH | USD | 1.49% |
| Bitwise Physical Ethereum ETP | DE000A3GMKD7 | BETI | GBP | 1.49% |
| Bitwise Physical Bitcoin ETP | DE000A27Z304 | BTCE | USD | 2.00% |
| Bitwise Physical Bitcoin ETP | DE000A27Z304 | BTCF | GBP | 2.00% |
More product details as well as regulatory documentation can be found at https://bitwiseinvestments.eu/products/
About Bitwise
Bitwise is a crypto specialist asset manager with over $15 billion in client assets. Thousands of financial advisors, family offices, and institutional investors across the globe have partnered with us to understand and access the opportunities in crypto. Since 2017, Bitwise has been managing a broad suite of index and active solutions across ETPs, separately managed accounts, private funds, and hedge fund strategies – spanning both the U.S. and Europe.
Risk Warnings
Investors should be aware that investing in crypto assets involves significant risks, including but not limited to:
- Volatility Risk: The price of crypto assets and crypto exchange traded products (ETPs) can fluctuate significantly.
- Liquidity Risk: Market depth and trading volumes may vary, affecting execution.
- Custody Risk: Despite institutional-grade custody, digital assets may be vulnerable to cyber threats.
- Regulatory Risk: Crypto assets and their treatment are subject to evolving regulatory frameworks.
- Market Risk: Broader market movements can impact the value of the ETP.
While there may be potential for significant gains, you are at risk of losing part of or your entire capital invested. For complete information please refer to the relevant Final Terms and the Base Prospectus.
Important information
This communication is a financial promotion issued by Bitwise Europe GmbH (“BEU”), a limited company domiciled in Germany, for information only and in accordance with all applicable laws and regulations and approved by Gateway 21 on 17/10/2025 in accordance with the UK Financial Services and Markets Act 2000. It is provided for general information purposes only and does not constitute investment advice, an offer or solicitation to buy any financial products or cryptocurrencies. Opinions are those of Bitwise and the time of publication. This press release is issued by Bitwise Europe GmbH (“BEU”), BEU gives no explicit or implicit assurance or guarantee regarding the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. It is advised not to rely on the fairness, accuracy, completeness, or correctness of this article or the opinions contained therein. Please note that certain products may not be available in all jurisdictions or may be offered exclusively to professional or qualified investors, as defined under applicable laws and regulations, including MiFID II (EU), the Financial Services and Markets Act (UK), and the Swiss Financial Services Act (FinSA). Investors should consult their legal or financial advisors for guidance before making any financial decision. For more details, please visit our website or contact us directly via europe@bitwiseinvesmtents.com
Before investing in crypto Exchange Traded Products (“ETPs”), potential investors should consider the following: Potential investors should seek independent advice and consider relevant information contained in the base prospectus and the final terms for the ETPs, especially the risk factors. Diversification does not guarantee a profit or protect against a loss. ETPs issued by BEU are suitable only for persons experienced in investing in cryptocurrencies and risks of investing can be found in the prospectus and final terms available on www.bitwiseinvestments.eu. The invested capital is at risk, and losses up to the amount invested are possible. ETPs backed by cryptocurrencies are highly volatile assets and performance is unpredictable. Past performance is not a reliable indicator of future performance. The market price of ETPs will vary and they do not offer a fixed income or match precisely the performance of the underlying cryptocurrency. Investing in ETPs involves numerous risks including general market risks relating to underlying, adverse price movements, currency, liquidity, operational, legal and regulatory risks.