BlackRock (BLK), the worldwide asset supervisor behind the biggest U.S. spot bitcoin (BTC) exchange-traded fund (ETF), listed a bitcoin exchange-traded product (ETP) in Europe on Tuesday, its first crypto ETP exterior North America.
The iShares Bitcoin ETP began buying and selling on Xetra and Euronext in Paris beneath the ticker IB1T and on Euronext Amsterdam as BTCN, in accordance listing details on iShares’ web site.
The corporate’s iShares Bitcoin Belief ETF (IBIT) is by far the biggest of the 12 spot bitcoin ETFs listed in the U.S., with web belongings value over $50 billion and cumulative web inflows of slightly below $40 billion, according to data tracked by SoSoValue. An equal product listed in Canada in January.
Though the itemizing of bitcoin ETFs in the U.S. initially of 2024 was thought-about a watershed second for the crypto business, related merchandise have existed in Europe for several years as ETPs.
Digital asset managers CoinShares and 21Shares have led the best way, accounting for 9 of the highest 20 ETPs by belongings between them, according to data tracked by ETFbook. CoinShares Bodily Bitcoin ETP is the biggest, with $1.3 billion beneath administration and a 0.25% charge.
Coinbase (COIN), which gives custody for IBIT, will do the identical for the BlackRock’s European product. The charge for the European ETP is briefly lowered by 10 foundation factors to 0.15% till the top of 2025.
BlackRock’s ETP introduction was reported earlier by Bloomberg.
UPDATE (March 25, 11:34 UTC): Provides buying and selling began in first paragraph, Canada ETF in third, European business in fourth.
