BlackRock, the world’s largest asset manager, launched a Bitcoin exchange-traded product (ETP) on multiple European stock exchanges.
The iShares Bitcoin ETP began trading on March 25 on Xetra, Euronext Amsterdam and Euronext Paris, according to BlackRock’s product page. The launch follows the success of its iShares Bitcoin Trust exchange-traded fund (ETF), which dominates the US market with $50.7 billion of assets under management, accounting for about 2.73% of the total Bitcoin (BTC) supply.
Stephen Wundke, director of strategy and revenue at crypto investment firm Algoz, told Cointelegraph that “the availability of the iShares Bitcoin ETP may not have the same reaction across Europe” as it saw in the US:
“Quality investment products through regulated asset managers have been more available throughout Europe than in the US, and secondly, Bitcoin is also more easily purchased. […] However, the ability for traditional family offices across Europe to hold a small percentage of their asset base in ‘digital gold’ is no doubt a good thing. […] Just don’t expect $60 billion of purchases in the first quarter.”
Product details and fee structure
The new ETP trades under the IB1T ticker on Xetra and Euronext Paris, while on Euronext Amsterdam it uses BTCN. Bloomberg previously reported that the company was preparing to launch the new product, which followed the firm’s launch of a Bitcoin ETF on CBOE Canada.
BlackRock iShares Bitcoin ETP specifics. Source: BlackRock
According to Bloomberg, the product launched with a temporary fee waiver of 10 basis points, which decreases the expense ratio to 0.15% until the end of 2025. Europe’s top crypto ETP is the CoinShares Physical Bitcoin ETP, which currently charges 0.25%, making BlackRock’s offering considerably cheaper while the waiver is in place.
“There is no doubt BlackRock’s aggressive fee structure was designed to keep competitors out of the market and question the commitment of any new entrants,” Wundke said.
Wundke added that “this type of competition is good for investors and ultimately good for digital currencies,” highlighting that players in the market will have to compete to provide the best offering to investors.
Related: ‘Successful’ ETH ETF less perfect without staking — BlackRock
iShares expanding to Europe
This is BlackRock’s first issuance of a crypto ETP outside of North America. Manuela Sperandeo, BlackRock’s head of Europe and Middle East iShares Product, told Bloomberg:
“[This launch] reflects what really could be seen as a tipping point in the industry — the combination of established demand from retail investors with more professionals now really getting into the fold.”
Related: Bitcoin ETFs log first net inflows in weeks, while Ether outflows continue
Ajay Dhingra, head of research at decentralized exchange aggregator Unizen, told Cointelegraph that the move reflects BlackRock’s confidence in the European Union’s Markets in Crypto-Assets Regulation framework:
“From Trump to Biden and now Trump again, US digital asset policy has been largely inconsistent. In contrast, the EU has steadily embraced compliant blockchain adoption — offering the regulatory stability companies are looking for.”
A recent BlackRock earnings report showed that the firm managed over $11.55 trillion on average during the fourth quarter of 2024. Other than the top Bitcoin ETF, the firm also launched its Grayscale Ethereum Trust ETF — the top Ether (ETH) ETF, with $3.46 billion in assets under management.
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