Bitcoin ETP: BlackRock Debuts in Europe
Big news in the crypto world! Asset management giant BlackRock has just launched its first-ever Bitcoin product in Europe. It’s a physically-backed Bitcoin Exchange Traded Product (ETP).
The iShares Bitcoin ETP, which kicked off trading this Tuesday, is now available on Germany’s Xetra exchange and Euronext exchanges in Paris and Amsterdam. You can find it under the ticker IB1T on Xetra and Euronext Paris, and as BTCN on Euronext Amsterdam.
This European launch follows hot on the heels of BlackRock’s successful Bitcoin ETF debut in the US last year. The iShares Bitcoin Trust (IBIT) in the States has been a smash hit, pulling in over $50 billion and becoming the biggest spot Bitcoin ETF worldwide. Interestingly, BlackRock’s CEO, Larry Fink, has expressed doubts about Bitcoin in the past, but it seems client demand has changed his tune!
So, what’s the big deal with a European Bitcoin ETP? Well, it allows institutional investors in Europe to easily tap into Bitcoin’s price movements within a structure they understand and that’s properly regulated. While crypto ETPs have been around in Europe for a while, they haven’t yet reached the massive scale of the US Bitcoin ETFs.
Good to know: BlackRock’s Bitcoin ETP comes with a management fee of 0.25%, which is being reduced to 0.15% temporarily until the end of 2025. And for security, Coinbase is handling the custody of the Bitcoin.
Consider this: BlackRock is the world’s largest asset manager, overseeing over $10 trillion! Their entry into the European Bitcoin market brings serious weight and reach. This move is a strong sign that Bitcoin is becoming increasingly accepted as a mainstream asset class for major institutions.
