BlackRock, the world’s largest asset manager, has made a significant move into the cryptocurrency market by introducing its first Bitcoin exchange-traded product (ETP) in Europe. The iShares Bitcoin ETP started trading on Tuesday on Xetra in Germany, Euronext Paris, and Euronext Amsterdam, with the tickers IB1T and BTCN.
This represents BlackRock’s inaugural crypto-backed ETP offering outside North America, following the success of its US spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT). With this initiative, BlackRock aims to appeal to institutional investors in Europe who seek regulated exposure to Bitcoin’s price dynamics within a familiar investment framework.
The launch coincides with a growing institutional interest in digital assets. To encourage early adoption, BlackRock has lowered the ETP’s expense ratio to 0.15%, making it one of the most cost-effective Bitcoin ETPs in the European market. This reduced fee is available until the end of 2025, aiming to attract both retail and institutional investors looking for cost-efficient Bitcoin exposure. Coinbase will also serve as the custodian for the new European product, continuing its role from the iShares Bitcoin Trust in the US.
Despite Europe having over 160 digital asset-tracking products, its market size remains small compared to the US, which leads the global Bitcoin ETF scene. US spot Bitcoin ETFs currently hold about 91% of total global assets, as noted by Bloomberg ETF analyst Eric Balchunas. He previously speculated that BlackRock’s entry into the European market could enhance liquidity and cost-efficiency, potentially leveling the competition between Europe and the US. Furthermore, Balchunas highlighted that although European investors typically exhibit less interest in riskier assets like Bitcoin, BlackRock’s involvement might shift this trend.
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