BlackRock starts Bitcoin ETP in Europe
BlackRock, the world’s largest asset manager with over $11 trillion under management, launched a Bitcoin ETP in Europe, on the success of its US-listed spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), which has $51 billion in assets under management.
The iShares Bitcoin ETP will trade on Xetra and Euronext infrastructure as IB1T and Euronext Amsterdam as BTCN.
The product’s expense ratio is reduced to 0–15 percent through the end of the year amid a 10-basis-point temporary fee waiver. The fund is BlackRock’s first ETP with a cryptocurrency connection outside North America. BlackRock had previously introduced the iShares Bitcoin ETF and IBIT on Cboe Canada.
“A combination of robust retail demand and increasing interest from professional investors is driving real momentum,” said Manuela Sperandeo, BlackRock’s head of iShares Product for Europe and the Middle East.
She stated BlackRock’s entry into the European market reflects and advances this change. According to Bloomberg ETF analyst Eric Balchunas in February, the European market for crypto ETPs has been around for a while, with over 160 products that track different digital assets, smaller than the US market.
US spot ETFs have already accounted for about 91% of the global market, primarily due to their high liquidity and competitive cost structures
According to the analyst, BlackRock could potentially see significant market growth if it effectively mimics the dynamics of the US market. He also pointed out that European investors typically have a lower risk tolerance.
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