Asset management giant BlackRock has launched its first bitcoin product in Europe: a physically backed bitcoin exchange-traded product (ETP).
Asset management behemoth BlackRock has finally launched its first bitcoin product in Europe.
The iShares Bitcoin ETP (IG1T) began trading Tuesday on Germany’s Xetra exchange and Euronext exchanges in Paris and Amsterdam. The ETP will trade under the ticker IB1T on Xetra and Euronext Paris and as BTCN on Euronext Amsterdam.
The new product comes after BlackRock (NYSE:BLK) debuted a bitcoin ETF in the U.S. last year. The U.S. ETF, iShares Bitcoin Trust (IBIT), has attracted over $50 billion in assets and has become the largest spot bitcoin ETF globally.
BlackRock CEO Larry Fink has previously voiced scepticism of bitcoin but appears to have warmed up to bitcoin amid client demand.
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By launching a European bitcoin ETP, BlackRock is giving institutional investors in the region exposure to bitcoin’s price performance in a familiar and regulated wrapper. Crypto ETPs have existed in Europe for years but lag U.S. bitcoin ETFs in assets.
The bitcoin ETP will carry a management fee of 0.25%, reduced to 0.15% through a temporary fee waiver until year-end 2025. The ETP uses Coinbase (NASDAQ:COIN) for custody.
As the largest asset manager globally with over $11.5 trillion under management, BlackRock brings significant scale and distribution power. The move signals growing mainstream acceptance of bitcoin as an emerging institutional asset class.
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