BlackRock Expands Crypto Presence with Bitcoin ETP in Europe

BlackRock has introduced a new cryptocurrency investment product to the European market with the launch of its Bitcoin ETP. The fund, listed under the ticker IB1T on Xetra and Euronext Paris, will also trade as BTCN on Euronext Amsterdam.

This marks BlackRock’s first move to expand its crypto ETP offerings beyond the U.S., following the massive success of its spot Bitcoin ETF, IBIT. Launched in January last year, IBIT quickly became the world’s largest spot Bitcoin ETF, holding nearly 500,000 BTC, valued at approximately $48 billion.

Although Europe has had crypto ETPs for several years, its market remains significantly smaller than the U.S., with $13.6 billion in assets under management compared to $105 billion in the U.S. The largest existing crypto ETP in Europe, managed by CoinShares International, holds $1.3 billion in Bitcoin and charges a 0.25% fee. In contrast, BlackRock’s new Bitcoin ETP will offer a lower fee of 0.15% until the end of 2025.

Meanwhile, in the U.S., spot Bitcoin ETFs continue to attract significant investment. Last week alone, they saw nearly $800 million in net inflows, with BlackRock leading the way, adding 6,342 BTC worth over $535 million.