BlackRock, the world’s largest asset manager, launched its first European Bitcoin (BTC) exchange-traded product (ETP) on Tuesday.
According to a Bloomberg report, the iShares Bitcoin ETP (iB1T) began trading on Euronext Paris, Euronext Amsterdam, and Germany’s Xetra exchange, offering institutional and retail investors regulated exposure to Bitcoin’s price performance.
The product is physically backed by Bitcoin and secured through Coinbase Custody International Ltd., according to the report.
Manuela Sperandeo, BlackRock’s head of Europe & Middle East iShares Product, characterized the launch as a significant industry milestone.
“It reflects what really could be seen as a tipping point in the industry — the combination of established demand from retail investors with more professionals now really getting into the fold.”
The European expansion follows the success of BlackRock’s US-listed iShares Bitcoin Trust, which has accumulated over $50 billion in assets since its debut last year.
By entering European markets, the firm signals its continued commitment to integrating cryptocurrency investments into mainstream financial strategies.
Earlier this month, BlackRock reportedly incorporated its iShares spot Bitcoin exchange-traded fund (IBIT) into some of its model portfolios.
Michael Gates, lead portfolio manager for BlackRock’s Target Allocation ETF model portfolio suite, reportedly wrote in an investment commentary at the time that the firm believes Bitcoin has “long-term investment merit and can potentially provide unique and additive sources of diversification to portfolios.”
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