- BlackRock launches its first Bitcoin ETP in Europe, trading under IB1T and BTCN tickers.
- The ETP features a 0.15% fee until 2025, then matches CoinShares’ 0.25% standard rate.
- With Coinbase as custodian, the product targets both institutional and retail investors.
BlackRock has launched its first Bitcoin exchange-traded product (ETP) in Europe. This move builds on the success of its U.S.-based iShares Bitcoin Trust (IBIT), which has already reached $50.6 billion in assets under management. The new ETP signals BlackRock’s growing commitment to digital assets and its efforts to expand crypto access across global markets.
ETP Listed Across Exchanges
The iShares Bitcoin ETP will trade under the ticker IB1T on Xetra and Euronext Paris. It will also be listed as BTCN on Euronext Amsterdam. Like its U.S. counterpart, the European version is backed by physical Bitcoin. Coinbase will act as the custodian, managing the underlying assets securely.
To attract investors, BlackRock has introduced a temporary fee discount. The expense ratio is set at 0.15% through the end of 2025. After that, the fee will increase to 0.25%, which is in line with Europe’s largest Bitcoin ETP offered by CoinShares.
First Crypto ETP Abroad
This is the first crypto-linked ETP BlackRock has offered outside North America. Previous launches include IBIT in the United States and a similar product in Canada. The European ETP will be issued through a Swiss-based special-purpose vehicle, targeting institutional investors and informed retail traders.
Manuela Sperandeo, Head of iShares Product for Europe and the Middle East, emphasized that the growing demand from both retail and professional investors is creating strong momentum, and the new product would meet the demand and support the evolving digital asset market.
Europe already has over 160 crypto ETPs listed on various exchanges. However, the overall market size is still smaller than in the United States. The U.S. spot Bitcoin ETFs were launched last year and have captured 91% of the global market share. Their success is driven by low fees and high liquidity.
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Bloomberg analyst Eric Balchunas commented on the differences between markets, pinpointing that Europe has potential while investors are cautious. If BlackRock can recreate the U.S. model, the European market could see strong growth. For now, much will depend on investor appetite and market conditions.
BlackRock’s entry into Europe, which is the next frontier in crypto adoption, is a clear indication of the company’s diversification. This could also be because the company can boast a great reputation and has access to potential resources. Such a move could lead to additional European investors’ interest in Bitcoin through regulated and recognized platforms.
