BlackRock has launched its first Bitcoin ETP in Europe, marking its debut in crypto-linked ETPs outside North America, with a temporary 10 basis point fee waiver.
American financial giant BlackRock is stepping into the European crypto market with its first Bitcoin exchange-traded product, which will trade under IB1T on Xetra and Euronext Paris and as BTCN on Euronext Amsterdam, marking its expansion beyond North America.
According to a Bloomberg report on Tuesday, March 25, the so-called iShares Bitcoin ETP (IB1T) will launch with a temporary fee waiver of 10 basis points, reducing its expense ratio to 0.15% until the end of the year.
Manuela Sperandeo, BlackRock’s head of Europe & Middle East iShares Product, says the product 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 launch follows the success of BlackRock’s U.S.-listed iShares Bitcoin Trust (IBIT), which amassed billions in assets and became the fastest-growing ETF in market history, allocating $48 billion in 2024, per data from VettaFi.
While IB1T will initially have a fee waiver, it will eventually charge 0.25%, the same as CoinShares‘ $1.3 billion physical Bitcoin product, Europe’s largest crypto ETP. In a commentary for Bloomberg, BlackRock confirmed that Coinbase will remain as its custodian for the physical Bitcoin backing the ETP.
The product is designed for both institutional and informed retail investors and will be issued through a special-purpose vehicle based in Switzerland.
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