Key Takeaways
- BlackRock has launched its first Bitcoin ETP in Europe with a 0.15% fee waiver.
- The ETP will trade on Xetra, Euronext Paris, and Euronext Amsterdam.
- U.S. spot Bitcoin ETFs hold 91% of global market share, despite being only a year old.
BlackRock, the world’s largest asset manager, is bringing its first Bitcoin exchange-traded product (ETP) to Europe following the strong performance of its U.S.-listed spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), which now manages $50.6 billion in assets.
Product details
The new product, called the iShares Bitcoin ETP, will trade under the ticker IB1T on Xetra and Euronext Paris, and as BTCN on Euronext Amsterdam.
This marks BlackRock’s first Bitcoin-backed ETP offering outside of North America.
Fee structure
To attract early investors, BlackRock is temporarily waiving most of the product’s fees, offering a competitive 0.15% expense ratio through the end of 2025.
That makes it one of the lowest-cost Bitcoin ETPs currently available in Europe.
Market context
Despite having over 160 digital asset-tracking products, Europe’s ETP market remains small compared to the United States.
According to Bloomberg ETF analyst Eric Balchunas:
US spot ETFs only year old and have 91% share of world. Europe barely on leaderboard of spot bitcoin ETFs by size.
Balchunas added that while Europe has historically lagged in liquidity and efficiency, BlackRock’s entrance could help shift that dynamic.
Still, skepticism remains around the dominance of derivatives and ETPs over real on-chain Bitcoin transactions.
Bitcoin price reaction
Bitcoin’s price remained mostly unaffected by the announcement, falling 0.55% over the past 24 hours to $86,601 at the time of writing.
Regulatory framework
Europe’s Markets in Crypto Assets (MiCA) regulation provided the clear framework necessary for BlackRock’s expansion into the region.
