BlackRock Introduces Groundbreaking Bitcoin ETP in Europe

Bitcoin Magazine

BlackRock Introduces Bitcoin ETP in Europe

Prominent asset management firm BlackRock has officially launched its inaugural bitcoin product in Europe: a physically-backed exchange-traded product (ETP) linked to bitcoin.

The iShares Bitcoin ETP commenced trading on Tuesday across Germany’s Xetra exchange as well as Euronext exchanges in Paris and Amsterdam. This ETP will be traded under the ticker IB1T on Xetra and Euronext Paris, and it will be identified as BTCN on Euronext Amsterdam.

This new offering arrives after BlackRock successfully introduced a bitcoin ETF in the United States last year. The iShares Bitcoin Trust (IBIT) has garnered over $50 billion in assets, establishing itself as the largest spot bitcoin ETF worldwide. Despite previously expressing skepticism towards bitcoin, CEO Larry Fink appears to have embraced the digital currency, responding to increasing client interest.

With the introduction of a bitcoin ETP in Europe, BlackRock is offering institutional investors access to the performance of bitcoin within a familiar and regulated environment. Although crypto ETPs have been available in Europe for several years, they still trail behind their U.S. counterparts in terms of asset volume.

BlackRock’s bitcoin ETP comes with a management fee of 0.25%, which will be temporarily reduced to 0.15% until the end of 2025 due to a fee waiver. For custodial services, the ETP collaborates with Coinbase.

As the leading asset management firm globally, overseeing more than $10 trillion, BlackRock possesses considerable scale and distribution resources. This strategic move embodies a growing acceptance of bitcoin as a viable institutional asset class.

This article BlackRock Launches Bitcoin ETP In Europe first appeared on Bitcoin Magazine and is authored by Vivek Sen Bitcoin.