Global asset manager debuts Bitcoin ETP across multiple European exchanges
BlackRock, the world’s largest asset manager, has launched its iShares Bitcoin exchange-traded product (ETP) across several European stock exchanges. The move marks an expansion of its crypto offerings beyond the US, following the success of its iShares Bitcoin Trust ETF.
The iShares Bitcoin ETP began trading on March 25 on Xetra, Euronext Amsterdam, and Euronext Paris, according to BlackRock’s product page. The launch comes after the firm’s US-based Bitcoin ETF became the market leader, managing $50.7 billion in assets—equivalent to approximately 2.73% of the total Bitcoin (BTC) supply.
Market reception and impact
Despite BlackRock’s dominance in the US, experts suggest the European market may respond differently to the new offering. Stephen Wundke, director of strategy and revenue at crypto investment firm Algoz, noted that Europe has historically had greater access to regulated crypto investment products compared to the US.
“Quality investment products through regulated asset managers have been more available throughout Europe than in the US, and Bitcoin is also more easily purchased,” Wundke said. However, he acknowledged that enabling traditional family offices to hold a small percentage of their assets in “digital gold” is a positive step for the industry.
He cautioned against expecting a rapid influx of capital similar to the US, where Bitcoin ETFs saw over $60 billion in purchases in the first quarter.
Competitive fee structure
The new ETP trades under the ticker IB1T on Xetra and Euronext Paris, while on Euronext Amsterdam, it is listed as BTCN. BlackRock initially introduced a temporary fee waiver of 10 basis points, reducing the expense ratio to 0.15% until the end of 2025.
BlackRock iShares Bitcoin ETP specifics. Source: BlackRock
This makes BlackRock’s offering more competitive compared to Europe’s leading crypto ETP, the CoinShares Physical Bitcoin ETP, which charges 0.25%. Wundke noted that BlackRock’s aggressive pricing strategy is likely aimed at discouraging competition and challenging new entrants to the market.
“This type of competition is good for investors and ultimately good for digital currencies,” he said, highlighting how the market will now have to compete to offer better products for investors.
BlackRock’s strategic expansion into Europe
This marks BlackRock’s first venture into issuing a crypto ETP outside North America. Manuela Sperandeo, head of Europe and Middle East iShares Product at BlackRock, described the move as a potential turning point for the industry.
“The combination of established demand from retail investors with more professionals now really getting into the fold could be seen as a tipping point,” she told Bloomberg.
Ajay Dhingra, head of research at decentralized exchange aggregator Unizen, suggested that BlackRock’s decision to enter the European market reflects confidence in the European Union’s regulatory framework for digital assets.
“From Trump to Biden and now Trump again, US digital asset policy has been largely inconsistent. In contrast, the EU has steadily embraced compliant blockchain adoption, offering the regulatory stability companies are looking for,” he said.
BlackRock, which managed an average of $11.55 trillion in assets during the fourth quarter of 2024, continues to expand its presence in digital assets. In addition to its dominant Bitcoin ETF, the firm also launched the Grayscale Ethereum Trust ETF, now the largest Ether (ETH) ETF with $3.46 billion in assets under management.
