BlackRock Expands Crypto Offerings with First Bitcoin ETP Listing in Europe
Global asset management giant BlackRock (BLK) has launched its first bitcoin exchange-traded product (ETP) outside North America, marking a major step in its international crypto expansion.
On Tuesday, the iShares Bitcoin ETP began trading on Germany’s Xetra and Euronext Paris under the ticker IB1T, while also debuting on Euronext Amsterdam as BTCN, according to listing details from iShares.
BlackRock’s dominance in the U.S. spot bitcoin ETF market is well established, with its iShares Bitcoin Trust ETF (IBIT) leading the pack among 12 approved funds. IBIT currently boasts over $50 billion in net assets and has attracted nearly $40 billion in net inflows, according to data from SoSoValue. BlackRock also introduced a similar product in Canada earlier this year.
While the approval of U.S. spot bitcoin ETFs in early 2024 was a landmark event for the crypto industry, European markets have been home to bitcoin ETPs for years. Leading digital asset managers CoinShares and 21Shares have dominated the space, with nine of the top 20 ETPs by assets, per ETFbook data. The CoinShares Physical Bitcoin ETP remains the largest, managing $1.3 billion with a 0.25% fee.
BlackRock has partnered with Coinbase (COIN) for custody services, mirroring its arrangement with IBIT. The European ETP will launch with a temporary fee reduction of 10 basis points, setting it at 0.15% until the end of 2025.
Bloomberg was the first to report on BlackRock’s latest crypto move.
