BlackRock, the world’s largest asset manager, is setting the stage for a transformative wave in the cryptocurrency market with its upcoming launch of the first Bitcoin exchange-traded product (ETP) in Europe. This significant move follows the stellar performance of its US fund, which has amassed an impressive $48 billion by tracking Bitcoin. The much-anticipated iShares Bitcoin ETP will make its debut on Xetra and Euronext Paris under the ticker IB1T, and on Euronext Amsterdam under the ticker BTCN this coming Tuesday.
In a bid to attract investors right from the start, BlackRock is implementing a temporary fee waiver of 10 basis points, reducing the expense ratio to just 0.15% until year-end. This strategic pricing positions the IB1T as one of the most competitively priced options available, significantly lower than Europe’s leading crypto ETP, which charges 0.25%. According to industry insights, Manuela Sperandeo, BlackRock’s head of Europe & Middle East iShares Product, remarked that this launch could mark a potential “tipping point” for the industry.
The iShares Bitcoin ETP signifies BlackRock’s pivotal expansion into crypto-linked ETPs beyond North America. While Europe houses similar products valuing around $13.6 billion, the overall market remains dwarfed when compared to US counterparts. Notably, BlackRock’s US-listed iShares Bitcoin Trust, launched following SEC approval, quickly garnered billions in assets and set records for ETF launches, showcasing the high demand for Bitcoin investment products.
The physical Bitcoin for the IB1T will be securely custodied by Coinbase Global, aiming to bridge institutional and informed retail investors. Designed under a special purpose vehicle based in Switzerland, this ETP will facilitate increased access to Bitcoin investments for a broader audience.
In parallel developments, BlackRock continues to innovate by broadening its digital asset portfolio through a collaboration with Securitize—a financial technology firm specializing in real-world asset (RWA) tokenization. The BlackRock USD Institutional Digital Liquidity Fund (BUIDL) has exceeded $1 billion in assets under management and is set to introduce a new share class on the Solana blockchain. This represents BlackRock’s first tokenized fund to be issued on a public blockchain.
Since its launch in March 2024, BUIDL has offered qualified investors access to on-chain US dollar yields, along with flexible custody options and daily dividend payouts. With its expansion across seven blockchains, including Ethereum and Polygon, BUIDL exemplifies the evolving landscape of investment products that leverage blockchain technology for operational efficiency.
Carlos Domingo, co-founder and CEO of Securitize, emphasized the growing market demand for tokenized real-world assets, stating that moving to Solana—a blockchain known for speed and cost efficiency—is a natural progression as the interest in tokenized products continues to rise.
As of now, Bitcoin is trading at $88,000, reflecting an 8% increase over the week, while Solana has surged in value with a 20% spike, now trading at $145.
