Despite a Rare October Dip, Bitcoin Makes Waves in the UK & France

While we didn’t have an “Uptober” for the first time in six years, there were still plenty of Bitcoin-positive news stories. Let’s jump in!

TL;DR

• BlackRock utilizes the regulatory softening in the UK and launched a Bitcoin ETP on the London Stock Exchange

• French politicians propose a national Bitcoin reserve (while the government wants to tax HODLers) 

• Mt. Gox will delay its creditor repayments until 2026 

BlackRock Launched a Bitcoin ETP in the UK as FCA Lifts Crypto ETP Ban 🇬🇧

BlackRock and Bitcoin have become synonymous with success, particularly due to the popular spot Bitcoin ETF (IBIT). 

Following the FCA’s long overdue u-turn on crypto ETPs, the largest asset manager in the world launched a Bitcoin ETP on the London Stock Exchange, amongst fellow institutions such as 21Shares, WisdomTree, and Bitwise.

This follows a four-year ban imposed by the Financial Conduct Authority, the UK's regulatory body, which had taken a firm stance on digital asset offerings for retail investors. 

The UK is one of the last financial hubs in Europe where BlackRock is launching a dedicated Bitcoin fund. The same ETP, listed under the ticker IB1T, is already available on Xetra (Germany), Euronext in Amsterdam (Netherlands), and Euronext in Paris (France). 

Oh, Mon Dieu! French Politician Proposes a National Bitcoin Reserve While the Government Wants to Tax HODLers 🇫🇷

French politician Éric Ciotti introduced a bill to establish a national Bitcoin reserve, prohibit Central Bank Digital Currencies (CBDCs), and permit investments in digital assets. 

Ciotti wants to acquire 420,000 BTC over the next seven to eight years, along with the establishment of a Public Administrative Establishment, similar in structure to France’s gold and foreign-currency holdings.

According to the bill, there are multiple ways of accumulating Bitcoin. From mining it with surplus nuclear and hydroelectric energy, to allowing France to retain crypto assets seized during legal proceedings, and via popular savings schemes. 

The bill would also enable citizens to pay certain taxes in Bitcoin, but that would require constitutional approval and potentially some changes to existing French tax law.  

Next to Bitcoin, the bill also examines the use case of stablecoins as a credible alternative to traditional payment networks. Stablecoin transactions valued under €200 would be exempt from taxation and social contributions, and payment of taxes in euro stablecoins would be allowed. 

Although considerable effort seems to have been invested in this bill, it’s still extremely early in the process of becoming law (if it ever becomes law that is). 

Given that the French Senate has reportedly approved the budget for 2025, which includes an “unproductive wealth” tax targeting digital assets like Bitcoin, I am skeptical that we’ll see the French government both taxing and HODLing Bitcoin, but hey, you never know. 😆

Call me crazy but this isn’t the best move if you want to keep wealthy Bitcoiners in your country. 

Mt. Gox Is Delaying Its Creditor Repayments Again! 👀

It’s been a while since I last wrote about the Mt.Gox creditor repayments. 

If you’re unfamiliar with the matter, I recommend reading my blog post from July last year. I covered the ins and outs in quite a lot of detail. 

However, this week we received another update to a story that has been in the making for over ten years. 

Mt. Gox gave a deadline of October 31, 2025, for repaying all creditors. This was already pushed back from the initial deadline a year prior. 

It seems like this time was not enough, as the trustee issued another statement on October 27, where it stated: “As it is desirable to make the Repayments to such rehabilitation creditors to the extent reasonably practicable, the Rehabilitation Trustee, with the permission of the court, has changed the deadline for the Repayments from October 31, 2025 to October 31, 2026.”

The reasoning for this appears to be a lack of involvement by some creditors and issues that arose during the repayment process. However, all in all, most creditors have been repaid, and the remaining BTC seems to be a smaller amount than what we’ve seen before. 

Luckily, as I stated in my older blog posts as well, the “Mt. Gox dumping fear” affecting the price of BTC seems to finally be a thing of the past. 

We saw this last year, and I think the more this news resurfaces, the more apparent it becomes that Mt. Gox's impact on the BTC price is not as significant as it once was. 

I hope this is the final push to meet the deadline and that we can finally close this chapter once and for all. 

Your fellow stacker in Sats, 

Patrick Lowry

Disclaimer: The opinions expressed in this newsletter are solely those of the author and do not necessarily represent the views of any associated company. This newsletter is for educational and informational purposes only and should not be construed as investment, financial, or any other professional advice. Investing in cryptocurrencies is highly speculative and carries a significant risk of substantial financial loss, so you must conduct your own thorough research and consult with independent professional advisors before making any decisions.