Global asset management giant BlackRock has launched a new Bitcoin exchange-traded product (ETP) in Europe, marking its first crypto-linked offering outside North America. This move follows the success of its US-listed iShares Bitcoin Trust (IBIT), which has accumulated $50.6 billion in assets under management.
According to Bloomberg, the new iShares Bitcoin ETP will trade under the ticker IB1T on Xetra and Euronext Paris, while it will be listed as BTCN on Euronext Amsterdam.
Competitive Pricing and Market Expansion
To attract investors, BlackRock has introduced a temporary fee waiver of 10 basis points, reducing the fund’s expense ratio to 0.15% until the end of the year. The expansion into Europe is driven by increasing retail and institutional demand, according to Manuela Sperandeo, BlackRock’s head of iShares Product for Europe and the Middle East.
While Europe already has over 160 crypto ETPs, the market remains smaller than in the US. Bloomberg ETF analyst Eric Balchunas noted that despite their recent introduction, US spot Bitcoin ETFs control around 91% of the global market due to lower costs and higher liquidity.
Market Potential and Investor Sentiment
If BlackRock can replicate its US success in Europe, significant market growth is possible. However, Balchunas highlighted that European investors tend to have lower risk tolerance than their counterparts in the US and certain parts of Asia.
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