The US-based world's largest asset management company, BlackRock, has announced the launch of its bitcoin products on European exchanges, marking a significant event for the market.
European Launch
BlackRock stated that its iShares Bitcoin ETP will be launched on the German stock exchange Xetra and the Paris stock exchange Euronext under the ticker IB1T, and on the Netherlands stock exchange Euronext Amsterdam under the ticker BTCN. This is the first instance of the firm launching its ETPs outside North America.
Features of BlackRock ETP
The firm will not charge any fees for the first year after trading begins. After this period, a 0.25% fee will be applied. BlackRock has selected Coinbase as the custodian of the physical Bitcoin backing its iShares ETF. The ETP was launched in January last year and has been a successful launch, recording inflows worth billions of dollars.
Industry Implications
According to Manuela Sperandeo, BlackRock's head of Europe & Middle East iShares Product, this launch represents a tipping point in the industry, combining steady demand from retail investors with increased professional involvement.
BlackRock's ETP launch in Europe could mark a significant milestone in the industry's development, drawing attention from both retail and institutional investors to new opportunities.
