BlackRock, the world's largest asset manager, has announced the launch of a new Bitcoin ETP product in Europe.
Launch of the New Product
BlackRock's iShares fund, which launched the spot Bitcoin ETF IBIT last January, now plans to list a new Bitcoin ETP with ticker name IB1T on Xetra and Euronext Paris. The new product will also be available in the Netherlands on Euronext Amsterdam under the name BTCN.
Market and Conditions
The new Bitcoin product for exchanges will offer a temporary fee discount of 10% with a lower expense ratio until the end of 2025. This marks BlackRock's first step in expanding its crypto ETP offerings outside the U.S.
Competition and Figures
The largest crypto ETP in Europe is currently run by CoinShares International Ltd, with $1.3 billion in Bitcoin under management and a 0.25% fee. BlackRock will offer a cheaper fee of 0.15% until the end of the year. In the U.S., spot Bitcoin ETFs saw nearly $800 million in net inflows last week, with BlackRock securing significant investments.
The launch of BlackRock’s new Bitcoin ETP in Europe underscores the company's ambition to expand its presence in the international cryptocurrency market.
