American financial giant BlackRock has announced its entry into the European crypto market with the launch of its first Bitcoin ETP, expanding its presence beyond North America.
Entry into the European Market
BlackRock has announced the launch of its first Bitcoin ETP in Europe, to be traded under the tickers IB1T on Xetra and Euronext Paris, and BTCN on Euronext Amsterdam. This move marks the company's expansion beyond the North American crypto product market.
Product Features
According to Bloomberg, the iShares Bitcoin ETP (IB1T) will launch with a temporary fee waiver of 10 basis points, reducing its expense ratio to 0.15% until the end of the year. Eventually, the fee will be 0.25%, similar to CoinShares' large physical Bitcoin product. The product is launched through a special-purpose vehicle based in Switzerland.
Prospects and Strategy
The launch of IB1T in Europe follows the successful implementation of the US-listed iShares Bitcoin Trust (IBIT), which became the fastest-growing ETF in market history, with assets of $48 billion in 2024. IB1T is aimed at both institutional and informed retail investors, with Coinbase as the custodian of the physical Bitcoin, as confirmed by BlackRock.
The launch of BlackRock's first Bitcoin ETP in Europe underscores the significance and growing maturity of the crypto-asset market. It expands opportunities for investors and confirms the company's strategy of further international growth.
