Valour, the UK subsidiary of DeFi Technologies, secured approval from the Financial Conduct Authority to offer yield-bearing Bitcoin and Ethereum exchange-traded products to retail investors and began trading them on the London Stock Exchange on January 26. The listings introduce physically backed ETPs with integrated staking rewards that are reflected in each product’s net asset value.
The FCA cleared two yield-bearing, physically backed instruments by Valour and aimed at retail accounts, expanding access previously limited to professionals. The approved products are:
- 1Valour Bitcoin Physical Staking ETP — ISIN: GB00BRBV3124
- 1Valour Ethereum Physical Staking ETP — ISIN: GB00BRBMZ190
Both ETPs combine spot exposure with a staking component; staking rewards are incorporated into the ETP NAV rather than distributed separately, providing a regulated wrapper for retail investors who want yield plus price exposure.
The approval followed the FCA’s October 2025 decision to lift its ban on crypto exchange-traded notes for retail investors, a regulatory pivot that opened the door for these listings, according to media reports. The move simplifies access by letting investors buy exposure through standard brokerages while avoiding direct custody complexities like private key management.
The steps to follow for Valour
Valour framed the development as a strategic expansion. “This is a major milestone for Valour and DeFi Technologies as we continue expanding access to regulated digital asset investment products,” the firm said, noting the UK’s market importance.
Regulatory nuance remains important. The FCA’s classification approach keeps the regulatory status of many token types in flux, so investors should weigh counterparty, custody and market-structure risks alongside potential staking returns. The ETP structure reduces some operational burdens, but it does not eliminate market volatility or regulatory uncertainty.
Investors and intermediaries will now measure uptake and operational resilience: adoption rates, trading liquidity on the LSE and how effectively platforms deliver staking rewards into NAVs will determine whether these products broaden retail participation or remain niche.
Market participants will watch regulatory developments and product performance as the practical test of this expanded access.
