BlackRock, the world's largest asset manager, has launched its iShares Bitcoin ETP on several European stock exchanges.
Product Launch and Specifications
The iShares Bitcoin ETP began trading on March 25 on Xetra, Euronext Amsterdam, and Euronext Paris. This follows the success of its iShares Bitcoin Trust ETF in the US market. The new ETP trades under the ticker IB1T on Xetra and Euronext Paris, while on Euronext Amsterdam it uses BTCN.
Competitors and Fee Structure
According to Bloomberg, the product launched with a temporary fee waiver of 10 basis points, reducing the expense ratio to 0.15% until the end of 2025. This makes BlackRock's offering cheaper compared to competitors. Stephen Wundke from Algoz mentioned that BlackRock's aggressive pricing strategy is designed to keep competitors at bay.
iShares Expanding to Europe
This is BlackRock’s first issuance of a crypto ETP outside North America. Manuela Sperandeo from BlackRock noted that this launch could be seen as a tipping point for the industry. Ajay Dhingra from Unizen added that this move reflects BlackRock's confidence in the EU's crypto regulatory framework.
The launch of the iShares Bitcoin ETP in Europe is a significant step in BlackRock's expansion into crypto markets, highlighting confidence in the European regulatory environment.
