BlackRock Launches It’s European Bitcoin ETP Following U.S. ETF Success

BlackRock, the world’s largest asset manager, has launched a Bitcoin exchange-traded product (ETP) in Europe, expanding its crypto investment offerings beyond the U.S. market.

The move comes on the heels of the firm’s highly successful U.S.-listed iShares Bitcoin Trust, which has grown to $48 billion since its record-breaking debut in January 2024.

The new European ETP, named the iShares Bitcoin ETP, is set to begin trading on Tuesday under the ticker IB1T on Germany’s Xetra exchange and Euronext Paris, and as BTCN on Euronext Amsterdam, according to a report by Bloomberg.

BlackRock will offer an introductory fee waiver of 10 basis points, reducing the product’s total expense ratio to 0.15% through the end of the year.

The launch marks BlackRock’s first crypto-linked ETP offering outside North America.

Manuela Sperandeo, head of iShares Product for Europe and the Middle East, described the launch as a “tipping point” for the industry, highlighting the growing interest from both retail and institutional investors in digital assets.

While Europe has hosted crypto ETPs for several years, the market remains significantly smaller than the U.S., with a total size of about $13.6 billion.

Still, BlackRock’s IB1T enters the space competitively. After the fee waiver ends, its expense ratio will match that of CoinShares International’s leading $1.3 billion physical Bitcoin ETP at 0.25%.

BREAKING:

BLACKROCK BITCOIN ETPS IN EUROPE ARE LAUNCHING TODAY

THIS IS MASSIVE!! pic.twitter.com/t2bnqPPwXr

The physical Bitcoin backing the ETP will be held in custody by U.S.-based crypto exchange Coinbase, ensuring secure storage of the underlying assets.

The product is structured through a special purpose vehicle based in Switzerland and will be available to both institutional investors and qualified retail investors.

Digital asset investment products saw a strong turnaround last week, recording $644 million in inflows and ending a five-week streak of outflows.

The shift marks a change in investor sentiment, with inflows recorded on each day of the week following 17 consecutive days of outflows.

As a result, total assets under management have increased by 6.3% from their recent low on March 10.

The United States accounted for the bulk of the inflows, contributing $632 million.

However, the renewed optimism was not limited to the U.S., with Switzerland, Germany, and Hong Kong also seeing inflows of $15.9 million, $13.9 million, and $1.2 million, respectively.

Bitcoin was the clear leader in the recovery, drawing in $724 million after five weeks of outflows totaling $5.4 billion.

Meanwhile, Ethereum ETFs faced notable pressure last week, recording net outflows of $103 million between March 17 and March 21.

On the other hand, Bitcoin ETFs continue to benefit from rising institutional demand.

BlackRock’s Bitcoin ETF (IBIT) led the way with $538 million in weekly net inflows, marking its sixth consecutive day of positive flows.

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