BlackRock Expands Crypto Reach with First European Bitcoin ETP Listing
BlackRock (BLK), the world’s largest asset manager and a dominant force in U.S. bitcoin exchange-traded funds (ETFs), has officially launched its first bitcoin exchange-traded product (ETP) in Europe.
The new iShares Bitcoin ETP began trading on Xetra and Euronext Paris under the ticker IB1T, while investors on Euronext Amsterdam will find it listed as BTCN, according to iShares’ website.
This move marks BlackRock’s latest expansion into the digital asset space, following the massive success of its iShares Bitcoin Trust ETF (IBIT) in the U.S., which boasts over $50 billion in net assets and nearly $40 billion in cumulative inflows, per SoSoValue data. Earlier this year, BlackRock also introduced a similar product in Canada.
Although the launch of spot bitcoin ETFs in the U.S. in early 2024 was hailed as a landmark moment, Europe has been ahead in crypto ETPs for years. Leading firms such as CoinShares and 21Shares control nine of the top 20 largest crypto ETPs, with CoinShares’ Physical Bitcoin ETP managing $1.3 billion in assets at a 0.25% fee, according to ETFbook.
BlackRock is offering a promotional fee reduction, temporarily lowering its European Bitcoin ETP’s management fee to 0.15% until the end of 2025. Like its American counterpart, the fund will use Coinbase (COIN) for custody services.
The development was initially reported by Bloomberg.
