BlackRock (BLK), the global asset manager renowned for its leadership in the financial markets, is venturing into new territory by launching its first bitcoin exchange-traded product (ETP) outside of North America. This innovative step comes as the company seeks to broaden its portfolio amidst rising interest in cryptocurrencies.
The iShares Bitcoin ETP is poised to make its debut on Xetra and Euronext in Paris under the ticker IB1T, and on Euronext Amsterdam as BTCN, scheduled for trading starting Tuesday, as revealed in the listing details provided on iShares’ official website.
Notably, BlackRock’s iShares Bitcoin Trust ETF (IBIT) has emerged as the dominant player in the U.S. market, boasting net assets exceeding $50 billion and attracting cumulative net inflows of nearly $40 billion. This remarkable performance highlights the growing appetite among investors for exposure to cryptocurrencies, as detailed by data tracked by SoSoValue.
In a strategic move, Coinbase (COIN), a leading cryptocurrency exchange, will provide custody services for the European ETP, similar to its role with the U.S. product. This collaboration reinforces the importance of robust custody solutions in the burgeoning crypto market.
The introduction of the European ETP comes with a temporary fee reduction of 10 basis points, bringing the cost down to 0.15% until the end of 2025. This attractive pricing strategy is likely to entice a diverse range of investors looking to gain a foothold in the Bitcoin market.
The announcement of the ETP’s launch was first reported by Bloomberg, signaling BlackRock’s commitment to innovation and its proactive approach to adapting to the evolving financial landscape.
