BlackRock, the world's largest asset manager, has officially introduced its inaugural Bitcoin ETP in Europe. This significant event marks the company's expansion into the European cryptocurrency market.
Entering the European Market
The launch of the Bitcoin ETP in Europe is BlackRock's first step into this market, following the successful launch of a Bitcoin fund in the US, which attracted over $50 billion in assets.
iShares Bitcoin ETP: Key Details
The new iShares Bitcoin ETP will be traded on Europe's major exchanges, such as Xetra, Euronext Paris, and Euronext Amsterdam, under the tickers IB1T and BTCN. The product is physically backed by Bitcoin and utilizes Coinbase for custody services. To attract investors, BlackRock temporarily waives the fee, reducing it to 0.15% until the end of 2025.
Market Implications
This expansion underscores BlackRock's confidence in the potential of the European cryptocurrency market. Despite the smaller size compared to the US, where crypto ETPs have seen substantial growth, BlackRock's launch could further institutionalize Bitcoin as an asset class. The European crypto ETP market currently holds about $13.6 billion in assets.
BlackRock's launch of a Bitcoin ETP in Europe reflects the growing demand for regulated cryptocurrency products among both retail and institutional investors and affirms the company's commitment to strengthening its position in the European market.
