BlackRock is set to launch its iShares Bitcoin Exchange-Traded Product (ETP) in Europe, listing on Xetra and Euronext Paris under the ticker IB1T and on Euronext Amsterdam under BTCN, beginning Tuesday. The ETP will debut with a temporary fee waiver, reducing its expense ratio to 0.15% until the end of the year, offering one of the most cost-effective options in the market.
This launch marks BlackRock’s first entry into the European crypto-linked ETP market outside of North America. According to Manuela Sperandeo, BlackRock’s head of Europe & Middle East iShares Product, the move signifies a pivotal moment in the industry, driven by strong demand from both retail and institutional investors.
BlackRock’s U.S.-listed iShares Bitcoin Trust, which debuted in January 2024, quickly garnered billions of dollars in assets, setting a record for the most successful ETF launch in history. While cryptocurrency-linked ETPs have been traded on European exchanges for years, the European market, valued at $13.6 billion, remains smaller than the U.S. market.
Once the temporary fee waiver expires, IB1T will charge a 0.25% expense ratio, aligning it with Europe’s largest crypto ETP, CoinShares International Ltd’s $1.3 billion physical Bitcoin product. BlackRock has partnered with Coinbase Global Inc. for the custody of the physical Bitcoin backing the product.
IB1T will be available to both institutional and informed retail investors and will be issued by a special purpose vehicle domiciled in Switzerland. The product’s competitive fee structure and institutional-grade security aim to position it as a strong contender in Europe’s growing crypto ETP market.
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