Following its success in the US, where the company's fund has accumulated $48 billion, global asset management giant BlackRock Inc. has announced the launch of a Bitcoin ETP in the European market. This is the company's first step into cryptocurrency exchange-traded products outside of North America, Bloomberg reports.
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Launch details: availability and low fees
The new instrument, known as the iShares Bitcoin ETP, will debut on Xetra and Euronext Paris under the ticker IB1T, and on Euronext Amsterdam under the ticker BTCN. Trading will begin on March 25. To attract investors, BlackRock is temporarily waiving its 10 basis point fee, reducing the overall cost to 0.15% by the end of the year. This will make IB1T one of the most affordable ETPs on the market.
Safe Storage: Partnership with Coinbase
The physical Bitcoin that powers this product will be stored on the Coinbase Global crypto exchange platform, ensuring asset security. IB1T will be available to both institutional and experienced retail investors, expanding the pool of potential customers. The product will be issued by a specially created company registered in Switzerland.
Cryptocurrency Market: Changing Trends
The launch of this product reflects the growing interest in cryptocurrencies among professional investors, as noted by Manuela Sperandeo, head of iShares in Europe and the Middle East. She emphasized that after the formation of a strong demand from retail investors, the market is starting to attract more professional players.
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