Bitcoin ETP Launched by BlackRock for European Investors

BlackRock has introduced its inaugural Bitcoin ETP in Europe, marking its first venture into crypto-linked ETPs outside North America. The product launches with a temporary fee waiver of 10 basis points.

BlackRock, a major American financial institution, is making its entrance into the European crypto market with its debut Bitcoin exchange-traded product. This ETP will trade under the ticker symbols IB1T on Xetra and Euronext Paris, and BTCN on Euronext Amsterdam, signaling its expansion beyond North America.

According to a Bloomberg report on Tuesday, March 25, the iShares Bitcoin ETP (IB1T) will be introduced with a temporary fee waiver of 10 basis points, lowering its expense ratio to 0.15% until the end of the year.

Manuela Sperandeo, BlackRock's head of Europe & Middle East iShares Product, asserts that the product signifies "what really could be seen as a tipping point in the industry — the combination of established demand from retail investors with more professionals now really getting into the fold."

The launch comes after the successful performance of BlackRock's U.S.-listed iShares Bitcoin Trust (IBIT), which accumulated billions in assets and became the fastest-growing ETF in market history, allocating $48 billion in 2024, as per data from VettaFi.

Although IB1T will initially benefit from a fee waiver, it will eventually charge 0.25%, the same as CoinShares' $1.3 billion physical Bitcoin product, Europe's largest crypto ETP. In a commentary for Bloomberg, BlackRock affirmed that Coinbase will continue serving as its custodian for the physical Bitcoin supporting the ETP.

The product is intended for both institutional and knowledgeable retail investors and will be issued through a special-purpose vehicle based in Switzerland.