BlackRock is making a major move into the European crypto market with its first Bitcoin exchange-traded product (ETP).
Trading under the ticker IB1T on Xetra and Euronext Paris, and BTCN on Euronext Amsterdam, the launch represents a significant step in the firm’s expansion beyond North America.
According to a Bloomberg report on March 25, the iShares Bitcoin ETP (IB1T) will debut with a temporary fee waiver of 10 basis points, reducing its expense ratio to 0.15% until the end of the year. This move aims to attract initial investors and position the product competitively in the growing European crypto investment space.
Manuela Sperandeo, BlackRock’s head of Europe & Middle East iShares Product, called the launch a pivotal moment for the industry, emphasizing how rising institutional interest is now converging with strong retail demand. The move builds on the success of BlackRock’s U.S.-listed iShares Bitcoin Trust (IBIT), which became the fastest-growing ETF in market history, accumulating $48 billion in assets in 2024, according to VettaFi data.
While IB1T will initially benefit from a fee waiver, it will later charge a 0.25% expense ratio—matching CoinShares’ $1.3 billion physical Bitcoin product, currently the largest crypto ETP in Europe. In a statement to Bloomberg, BlackRock confirmed that Coinbase will continue serving as the custodian for the physical Bitcoin backing the ETP. The product, issued through a special-purpose vehicle based in Switzerland, is designed for both institutional and informed retail investors.
Meanwhile, BlackRock continues its aggressive accumulation of Ethereum. The organization recently added 3,840 ETH ($10.7 million) to its iShares Ethereum Trust (ETHA) in the past 24 hours, continuing its accumulation streak. On February 4, it purchased 100,535 ETH ($276 million), bringing total holdings to 1.36 million ETH ($3.71 billion). Analysts see this as a bullish bet on Ethereum’s future, fueled by anticipation of the Pectra upgrade. Notably, ETHA has recorded no outflows since January 20, maintaining strong inflows.
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