BlackRock Launches Bitcoin ETP in Europe with 10% Fee Discount

BlackRock, the world's largest asset manager, has launched its first Bitcoin exchange-traded product (ETP) in Europe. This move is part of a broader strategy to tap into the growing demand for cryptocurrency exposure in new markets. The iShares Bitcoin ETP will be listed on Euronext Paris and Xetra under the ticker IB1T, as well as on Euronext Amsterdam under the ticker BTCN. This product is registered in Switzerland, reflecting BlackRock's commitment to regulatory compliance and market accessibility.

The launch of the iShares Bitcoin ETP in Europe follows the successful introduction of a similar product in the U.S., which has attracted significant investor interest. This expansion into Europe is a strategic move by BlackRock to cater to the increasing demand for cryptocurrency investments across the region. The ETP offers a temporary fee discount of 10% with a lower expense ratio until the end of 2025, making it an attractive option for European investors seeking exposure to Bitcoin.

BlackRock has collaborated with Coinbase, which acts as the custodian, and BNY Mellon, serving as the administrator, to ensure the security and reliability of the ETP. This partnership underscores BlackRock's commitment to providing a robust and trustworthy investment vehicle for its clients. The launch of the iShares Bitcoin ETP in Europe is a significant step for BlackRock, as it continues to expand its offerings in the cryptocurrency space and meet the evolving needs of its global client base.

While there have been cryptocurrency-linked ETPs trading in Europe for several years, the local market is significantly smaller compared to the U.S. The largest crypto ETP in Europe is managed by CoinShares International Ltd, with $1.3 billion in Bitcoin under management, and it charges a 0.25% fee. BlackRock's new ETP offers a much cheaper fee of 0.15% until the end of the year, providing a competitive edge in the European market.

This launch marks BlackRock's first step in expanding its crypto ETP product range outside the U.S. The success of the spot Bitcoin ETF in the U.S., which holds roughly half a million Bitcoin valued at approximately $48 billion, has paved the way for this European expansion. The iShares Bitcoin ETP in Europe is expected to attract significant interest from investors looking to gain exposure to Bitcoin through a regulated and secure investment vehicle.