- BlackRock has launched its first Bitcoin ETP in Europe under the ticker IB1T.
- The product will trade on Xetra, Euronext Paris, and Euronext Amsterdam.
BlackRock has introduced its first Bitcoin exchange-traded product (ETP) in Europe. The iShares Bitcoin ETP (IB1T) will trade on Xetra and Euronext Paris under the ticker IB1T and on Euronext Amsterdam under BTCN. The launch follows the success of BlackRock’s U.S. spot Bitcoin ETF. The asset manager is offering a temporary fee waiver of 10 basis points, initially reducing IB1T’s expense ratio to 0.15% until the end of 2024.
However, after that, fees will increase to 0.25%, aligning with major competitors like CoinShares. The asset manager is offering a temporary fee waiver of 10 basis points, reducing IB1T’s expense ratio to 0.15% until the end of 2024. After that, fees will increase to 0.25%, aligning with major competitors like CoinShares. The ETP will be backed by Bitcoin held in cold storage by Coinbase Custody International Ltd. The product is available to institutional and informed retail investors.
BlackRock’s expansion into Europe comes as demand for Bitcoin investment vehicles grows. Manuela Sperandeo, head of Europe & Middle East iShares Product at BlackRock, said the launch signals a shift in the industry.
BlackRock’s U.S.-listed iShares Bitcoin Trust (IBIT) has seen significant growth. As of Monday, it holds $50.69 billion in net assets. It is currently the largest spot Bitcoin ETF in the U.S., with cumulative net inflows of $39.8 billion.
Bitcoin ETP Demand Grows
The U.S. market has witnessed strong demand for Bitcoin ETFs. On Monday, these funds saw $84 million in net inflows, bringing total trading volume to $1.97 billion.
The decision to expand into Europe was backed by research. A survey by BlackRock and Focal Data showed that 75% of professional investors are interested in Bitcoin ETPs. Jane Sloan, EMEA head of global product solutions at BlackRock, highlighted the role of ETPs in bridging traditional finance with crypto.
Leading providers, including CoinShares, WisdomTree, and Invesco, have adjusted fees to match U.S. spot Bitcoin ETFs. The iShares Bitcoin ETP’s fee structure places it among the most cost-effective in the market. The cryptocurrency hit $100,000 in December but has since pulled back. It is currently trading at around $87,000.
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