BlackRock Launches Bitcoin ETP in Europe
BlackRock (BLK), the renowned global asset management firm and the powerhouse behind the largest spot bitcoin (BTC) exchange-traded fund (ETF) in the U.S., is poised to expand its cryptocurrency offerings by launching a bitcoin exchange-traded product (ETP) in Europe. This marks BlackRock’s inaugural foray into the European crypto ETP market, following its success in North America.
The new iShares Bitcoin ETP is set to commence trading on Xetra and Euronext in Paris under the ticker symbol IB1T, as well as on Euronext Amsterdam with the ticker BTCN, starting this Tuesday, according to the listing information available on the iShares website.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) currently reigns supreme as the largest among the 12 spot bitcoin ETFs available in the U.S., boasting net assets exceeding $50 billion and cumulative net inflows approaching $40 billion, based on data compiled by SoSoValue.
In a significant move, Coinbase (COIN), which provides custody services for the IBIT, will extend similar custody support for this new European product. Additionally, the management fee for the European ETP has been temporarily lowered by 10 basis points, bringing it to a competitive 0.15% until the end of 2025.
The introduction of the ETP was initially reported by Bloomberg, highlighting the growing interest and demand for cryptocurrency investment products in the European market.
