BlackRock Expands Its Cryptocurrency Offerings by Launching a Bitcoin ETP in Europe

BlackRock, the world's largest asset manager, is expanding its cryptocurrency offerings with the launch of a Bitcoin exchange-traded product (ETP) in Europe.

BlackRock, the world’s largest asset manager, is launching a Bitcoin exchange-traded product (ETP) in Europe. The iShares Bitcoin ETP will be listed on Germany’s Xetra Exchange, as well as Euronext Paris and Euronext Amsterdam, on March 25, reports Bloomberg.

This comes as the asset manager’s flagship investment product, the iShares BTC Trust (IBIT) has quickly become one of the most popular ETFs in the U.S. The bitcoin ETF from BlackRock has now become a juggernaut, recently passing $50 billion in assets.

The iShares Bitcoin ETP will be available in three trading symbols: IB1T on Xetra and BTCN on Euronext Amsterdam and IBIT on Euronenext Paris. For the first year of launch, BlackRock will offer a reduced expense ratio of 0.15% to encourage investors to use its bitcoin products.

In addition, the asset manager holds a significant position in the European ETP market, with a 42.6% market share. The strong market standing of the bitcoin ETP will provide it with a competitive edge.

The new bitcoin ETP is being launched at a time when the European Union is putting in place a broad regulatory framework for cryptocurrencies.

The stellar performance of IBIT has been nothing short of phenomenal. Its rapid growth to an astounding $50 billion in assets in a mere 10 months is a testament to the massive interest from institutional investors. To put this into perspective, it took the legendary Vanguard S&P 500 ETF, the world’s largest ETF, an impressive 12 years to reach $50 billion in assets.

Earlier this year, the Bitcoin holdings of the BlackRock fund reached $57.5 billion as it expands its control over cryptocurrency markets.

Investors around the world still face significant administrative and legal difficulties in gaining access to bitcoin ETFs offered by firms in the United States.

However, BlackRock is now making its bitcoin ETF available in Europe, providing investors in the continent with an officially sanctioned vehicle for investing in the cryptocurrency.

The demand for bitcoin investment products keeps increasing. Interest from institutional investors in cryptocurrencies has surged following the SEC approval of spot bitcoin ETFs earlier this year.

Now, traditional financial institutions are making their strongest commitment yet to digital assets as BlackRock expands its bitcoin offerings to Europe.

The move could bring about changes in the financial industry, with new asset management firms entering the European bitcoin market to compete and offer innovative products.

Its listing in Europe will help to further establish bitcoin as a major financial asset class that links traditional and digital payment systems.