Key Highlights
- iShares Digital Assets AG increased the total supply of its Bitcoin ETP to 93,179,328 securities following a fresh issuance of 180,000 units.
- The newly issued securities will begin trading on the Main Market of the London Stock Exchange on January 23, 2026.
- Investors can access this regulated cryptoasset product at a discounted annual expense ratio of 0.15% through the end of the year.
iShares Digital Assets AG announced the issuance of 180,000 new securities for its iShares Bitcoin ETP on January 22. The new units are set to start trading on the Main Market of the London Stock Exchange on January 23, responding to ongoing investor interest in regulated cryptoasset exposure.
As per the official release, the issuance took place under the company’s Secured Cryptoasset Linked Securities Programme. This structure supports product liquidity while funding general business activities and obligations tied to the underlying assets.
Updated series total figures
This issuance, known as Tranche Number 60, will lift the figure for the overall securities covered to 93,179,328, from a previous 92,999,328. These securities are structured as secured, limited recourse debt obligations. Each security has an initial entitlement of 0.0001 bitcoin.
The ETP’s operational framework involves several key financial institutions. Flow Traders B.V., Jane Street Financial Limited, and Virtu Financial Ireland Limited are authorized participants. Coinbase Luxembourg S.A. serves as the custodian for the underlying bitcoin holdings. The Bank of New York Mellon acts as both the paying agent and the account bank.
Regulatory access for retail investors
This issuance comes after a major regulatory change in the UK. These securities have, for the first time, been made available to UK retail investors since October 2025, when the Conduct of Business (Cryptoasset Products) Instrument 2025 came into effect.
The recent expansion of the iShares Bitcoin ETP follows the groundwork laid in May 2024, when the London Stock Exchange first opened its doors to cryptoasset exchange-traded products. This tranche reflects the market’s transition toward more liquidity and broader investor participation.
Fee structure and waivers
The iShares Bitcoin ETP series had previously had a TER of 0.25% per annum. Presently, a partial TER waiver is in place, which reduces it to 0.15% until December 31, as the issuer tries to capture market share in the developing market.
The growth of the series reflects the ability of the issuer to expand further, given that it follows the base prospectus that allows a total maximum issue size of 50 billion securities. The increase in circulating units gives investors more entry points.
Entitlement and primary market
The issuer points out that the cryptoasset entitlement will continue to decrease daily based on the applicable portion of the TER for that day. Future market activity will rely on the ongoing participation of authorized participants who can subscribe for new securities in the primary market by using either physical bitcoin units or cash payments.
Adding 180,000 securities to the iShares Bitcoin ETP series represents a steady continuation of BlackRock’s digital asset strategy in Europe. These new tranches are being issued through the London Stock Exchange’s Main Market to provide a level of transparency.
While the product provides a simpler way to gain bitcoin exposure, the issuer issues a high-risk investment warning. It states that the securities are not capital protected, and there is no minimum redemption amount. Investors should be aware that they could lose all or part of their invested capital.
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