Key Points

• The iShares Bitcoin ETP will be listed on Xetra, Euronext Paris, and Euronext Amsterdam.
• BlackRock’s European ETP is the first crypto ETP of the company outside North America.

BlackRock, the world’s largest asset manager, launches its first Bitcoin ETP outside of North America, according to Bloomberg. The Bitcoin-linked ETP will be launched in Europe.

BlackRock had over $10 trillion in AUM in 2023, and last year in January, it launched its Bitcoin ETF, IBIT, in the US. As of March 24, BlackRock had a cumulative inflow of almost $40 billion in IBIT.

BlackRock’s Bitcoin ETP in Europe

According to Bloomberg official notes, the iShares Bitcoin ETP will be listed on:

• Germany’s Xetra and Euronext Paris under the ticker IB1T
• Euronext Amsterdam under the ticker BTCN

The company’s Bitcoin ETP will debut with a temporary fee waiver of 10 basis points, and it will reduce its expense ratio to 0.15% until the end of 2025.

The fee waiver means that at its launch, BlackRock’s Bitcoin ETP will be among the cheapest ones on the market, says Bloomberg, noting that Europe’s largest crypto ETP, CoinShares International’s $1.3 billion physical Bitcoin product charges 0.25%, more than than BlackRock’s Bitcoin ETP once the waiver period will be over.

The company said that Coinbase will custody the physical Bitcoin product, and IB1T will be issued by a special purpose vehicle headquartered in Switzerland.

BlackRock’s First Bitcoin ETP Outside of North America

This is the first crypto ETP launched by BlackRock outside of North America, as we previously reported when the company teased the upcoming launch.

Manuela Sperandeo, BlackRock’s head of Europe and Middle East iShares product said about the product’s upcoming launch that it mirrors a tipping point in the industry, translating into the blend of established demand from retail investors with more professionals who are now entering the markets.

BlackRock’s Bitcoin ETF launched in the US in January 2024, and it was the fastest-growing ETF in the company’s history, as the CEO, Larry Fink, highlighted in March last year.

As of March 24, the total net assets locked in IBIT were more than $50.6 billion and the cumulative net inflow in the crypto product was almost $39.8 billion, according to data from SoSoValue.

BlackRock’s latest move will open the doors to higher institutional Bitcoin adoption in Europe, amidst global efforts and rising interest in the industry.