In March 2025, American investment giant BlackRock entered the European crypto market by launching its first exchange-traded product (ETP) linked to Bitcoin. This marked the company’s debut in the cryptocurrency ETP segment outside North America.
Key Features
- Trading Venues and Tickers:
The product will trade under the ticker IB1T on the Xetra and Euronext Paris exchanges, and under the ticker BTCN on the Euronext Amsterdam exchange. - Temporary Fee Waiver:
According to Bloomberg on March 25, 2025, the new product will launch with a temporary fee waiver of 10 basis points, reducing its expense ratio to 0.15% until the end of the year. - Strategy and Development:
Manuela Sperandeo, Head of iShares Products for Europe & Middle East at BlackRock, stated that the launch reflects a significant turning point in the industry. It demonstrates a combination of sustained demand from retail investors and growing interest from professional investors in cryptocurrency assets.
Background and Prospects
The launch of the Bitcoin ETP in Europe follows the successful debut of the U.S.-listed iShares Bitcoin Trust (IBIT), which attracted billions of dollars in assets and became the fastest-growing ETF in market history, reaching $48 billion in investments in 2024, according to VettaFi data.
While the product initially benefits from a fee waiver, it will eventually charge a standard fee of 0.25%, comparable to CoinShares’ product—the largest crypto ETP in Europe with $1.3 billion in assets. BlackRock also confirmed that custody of the physical Bitcoin backing the product will remain with Coinbase.
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Conclusion
Designed for both institutional investors and experienced retail participants, BlackRock’s new Bitcoin ETP is issued through a special-purpose vehicle based in Switzerland. The launch underscores the company’s commitment to expanding its presence in the global cryptocurrency market and adapting to the growing demand for digital assets.
