21Shares has launched an exchange-traded product (ETP) that combines Bitcoin and gold on the London Stock Exchange (LSE). This move comes on the heels of the Financial Conduct Authority’s (FCA) decision to lift a four-year ban on crypto exchange-traded notes for retail investors. The ban was removed in October 2025, enabling individual investors to access products that were previously available only to professionals. With this change, UK retail investors can now trade Bitcoin and Ethereum ETPs through standard brokerage accounts and tax-efficient wrappers like ISAs and SIPPs. Since the ban was lifted, the UK has emerged as Europe’s third-largest market for crypto ETPs, with trading volumes exceeding $280 million just a month after the regulation change. Daily trading averages around $11.7 million. Major asset managers, including 21Shares, Bitwise, and WisdomTree, seized this opportunity to launch physically-backed Bitcoin and Ethereum ETPs on the LSE. BlackRock also entered the market with its iShares Bitcoin ETP during the same week. The UK government is working on a phased regulatory approach for digital assets, which includes consultations on comprehensive rules for stablecoins, trading, and staking.