BlackRock has introduced its inaugural Bitcoin ETP in Europe, marking its first venture into crypto-related ETPs outside of North America, accompanied by a temporary waiver of 10 basis points on fees.
The American financial powerhouse BlackRock is entering the European cryptocurrency space with its first Bitcoin exchange-traded product, which will be available for trading under the ticker IB1T on Xetra and Euronext Paris, and as BTCN on Euronext Amsterdam, indicating its expansion beyond the North American market.
A report on March 25 indicated that the iShares Bitcoin ETP (IB1T) will be launched with a temporary fee waiver of 10 basis points, thereby lowering its expense ratio to 0.15% until year-end.
According to Manuela Sperandeo, head of Europe & Middle East iShares Product at BlackRock, this product signifies “what could be regarded as a turning point in the industry — a blend of strong retail demand and an increasing number of professionals entering the market.”
This launch follows the impressive performance of BlackRock’s U.S.-listed iShares Bitcoin Trust (IBIT), which has garnered billions in assets and achieved the status of the fastest-growing ETF in market history, allocating $48 billion in 2024, according to data from VettaFi.
While the IB1T will start with a fee waiver, it is set to eventually charge a 0.25% fee, comparable to CoinShares’ $1.3 billion physical Bitcoin product, which is currently the largest crypto ETP in Europe. BlackRock confirmed that Coinbase will continue as the custodian for the physical Bitcoin backing this ETP.
This product is tailored for both institutional and knowledgeable retail investors and will be issued through a special-purpose vehicle located in Switzerland.