BlackRock, the world's largest asset manager, announced the launch of its first Bitcoin ETP outside North America. The new product will be available in Europe.
Details of BlackRock's Bitcoin ETP Launch in Europe
According to official information from Bloomberg, the iShares Bitcoin ETP will be listed on the Xetra and Euronext Paris exchanges under the ticker IB1T, as well as on Euronext Amsterdam under the ticker BTCN. The launch is accompanied by a temporary fee waiver of 10 basis points, making the product one of the most affordable in the market. Until the end of 2025, the fee will be 0.15%.
Features and Structure of the Product
According to the company, the physical Bitcoin product will be custodied by Coinbase. The iShares Bitcoin ETP is issued by a special-purpose vehicle registered in Switzerland. Bloomberg notes that even after the waiver period, BlackRock will remain with a lower fee than Europe's largest crypto ETP from CoinShares International, which charges 0.25%.
Significance of the Launch for the Industry
This is BlackRock's first cryptocurrency product outside North America, reflecting the growing interest from institutional investors. Manuela Sperandeo, head of iShares products in Europe and the Middle East, noted that this indicates significant interest in cryptocurrencies from both retail and professional investors. As of March 2024, BlackRock's US Bitcoin ETF became the fastest-growing ETF in the company's history.
The launch of BlackRock's first Bitcoin ETP in Europe demonstrates increasing institutional interest in cryptocurrencies, which may lead to further spread of such products in the global market.
