Valour, a subsidiary of DeFi Technologies, has listed the 1Valour Bitcoin Physical Staking ETP (1VBS, ISIN: GB00BRBV3124) on the London Stock Exchange.
The product is physically backed 1:1 by bitcoin held in institutional cold storage and targets a 1.4% annual yield that accrues into the ETP’s daily NAV and bitcoin entitlement, according to the issuer’s launch materials. Custody is provided by Copper, using MPC-based safeguards.
Access and listings
For now, the ETP is available to professional and institutional investors in the UK. It is quoted in GBP on the LSE and is also available in EUR on Xetra under the same ISIN, offering flexibility for European institutions.
How the yield is generated
Bitcoin’s base layer uses proof-of-work and does not support native staking. Valour’s “staking” label refers to an off-chain yield mechanism: the issuer delegates the product’s bitcoin to validators on the Core Chain, an EVM-compatible network aligned with Bitcoin.
Rewards are earned in CORE, converted to BTC, and then reflected in the ETP’s NAV while the underlying bitcoin remains in custody with limited lock-up windows during delegation. The approach mirrors Valour’s similar strategy already used in continental Europe.
Regulatory timeline for retail access
The UK opened a crypto ETN market for professionals in 2024, with the LSE enabling bitcoin and ether ETNs in May that year. The Financial Conduct Authority (FCA) has since confirmed that retail access to crypto ETNs is due to begin on October 8, 2025, subject to the usual rules around financial promotions and with no FSCS protection.
If an issuer’s products meet the relevant criteria and are listed on an FCA-recognised venue, retail investors will be able to buy them from that date.
