BlackRock, the world’s largest asset manager, is making waves in the cryptocurrency landscape with the imminent launch of its first Bitcoin exchange-traded product (ETP) in Europe. Following the impressive success of its $48 billion U.S. fund that tracks Bitcoin, the new iShares Bitcoin ETP is scheduled to debut on Xetra and Euronext Paris under the ticker IB1T, alongside the BTCN ticker on Euronext Amsterdam this Tuesday.
BlackRock’s First Crypto Venture Outside North America
To draw in investors from the outset, BlackRock plans to implement a temporary fee waiver of 10 basis points. This will effectively reduce the expense ratio to a competitive 0.15% until the end of the year. As reported by Bloomberg, this pricing strategy positions IB1T among the most competitively priced options in the market, particularly when compared to Europe’s largest crypto ETP, CoinShares International Ltd’s physical Bitcoin product, which charges 0.25%.
Manuela Sperandeo, BlackRock’s head of Europe & Middle East iShares Product, remarked that the launch signifies a potential “tipping point” in the industry. The iShares Bitcoin ETP marks a significant step for BlackRock as it ventures into crypto-linked ETPs outside North America. While similar products have been on the market in Europe for years, the overall market—valued at $13.6 billion—remains considerably smaller compared to the U.S. market.
BlackRock’s U.S.-listed iShares Bitcoin Trust garnered significant attention upon its launch in January 2024 following approval by the U.S. Securities and Exchange Commission (SEC), quickly amassing billions in assets and achieving record-breaking ETF launches.
For the IB1T, physical Bitcoin will be custodied by Coinbase Global. The product is tailored for both institutional and informed retail investors, and it will be issued through a special purpose vehicle based in Switzerland.
BUIDL On The Solana Blockchain
In conjunction with these developments, BlackRock is also expanding its digital asset offerings through a partnership with Securitize, a financial technology firm focused on real-world asset (RWA) tokenization. The BlackRock USD Institutional Digital Liquidity Fund (BUIDL), having recently surpassed $1 billion in assets under management, is set to launch a new share class on the Solana (SOL) blockchain. This will mark BlackRock’s first tokenized fund issued on a public blockchain.
Launched in March 2024, BUIDL offers qualified investors access to U.S. dollar yields on-chain, featuring flexible custody options, daily dividend payouts, and near real-time peer-to-peer transfers. With BUIDL now available on seven blockchains—including Aptos (APT), Arbitrum (ARB), Avalanche (AVAX), Ethereum (ETH), Optimism (OP), and Polygon (POL)—interoperability is enhanced through the Wormhole protocol, enabling secure and seamless token transfers.
Carlos Domingo, co-founder and CEO of Securitize, emphasized the increasing demand for tokenized real-world assets and BlackRock’s decision to expand to the Solana blockchain. He stated:
In the year since BUIDL’s launch, we’ve experienced significant growth in demand for tokenized real-world assets, reinforcing the value of bringing institutional-grade products on-chain. As the market for RWAs and tokenized treasuries gains momentum, expanding BUIDL to Solana—a blockchain known for its speed, scalability, and cost efficiency—is a natural next step.
As of this writing, Bitcoin is trading at $88,000, up 8% on a weekly basis. In comparison, Solana has experienced even greater growth, witnessing a nearly 20% price spike, currently trading at $145.
Featured image from Shutterstock, chart from TradingView.com
