BlackRock, the largest U.S. asset manager, is expanding into the European cryptocurrency market with the launch of its first Bitcoin ETP outside North America.
Bitcoin ETP Launch in Europe
According to the iShares website, the iShares Bitcoin ETP will debut on Xetra and Euronext Paris under the ticker IB1T, and on Euronext Amsterdam as BTCN. Although crypto-linked ETPs have been available on European exchanges for years, the crypto market in Europe remains much smaller compared to the U.S.
Coinbase to Custody the New Product
BlackRock's iShares Bitcoin Trust ETF (IBIT) is the largest among the 12 U.S. spot Bitcoin ETFs, with over $50 billion in assets. Coinbase, which handles custody for IBIT, will also manage the new European product.
Fee Discount for IB1T
The European ETP will have a temporary 0.15% fee discount valid until the end of 2025, making IB1T one of the cheapest at launch. In comparison, Europe's largest crypto ETP from CoinShares charges a 0.25% fee.
The launch of BlackRock's ETP in Europe marks a significant step in the development of the cryptocurrency sector, combining growing demand from both retail and professional investors. Manuela Sperandeo, head of iShares, noted that this product is an important milestone for the industry.
