Blackrock launches Bitcoin ETP in Europe after a great success in the United States.
BLACKROCK, an asset manager of the largest US Bitcoin ETF, is expanding to the European encryption market with its first Bitcoin Exchange trade product (ETP) other than North America. This launch is a wise measure that increases interest in cryptocurrency in the new market due to the inaccurate success of similar products in the United States.
Depending on the details shared on Ishares’ website, the Ishares Bitcoin ETP will debut in EURONEXT Amsterdam on BTCN on Tiker IB1T’s Xetra and EURONEXT Paris on Tuesday. The Cryptocurrency connection ETP has been available on European exchanges for many years, but the European market is much smaller than the large US market and is worth $ 13.6 billion.
Coinbase to raise ETP
According to SOSOVALUE data, Blackrock’s Ishares Bitcoin Trust ETF (IBIT) is the largest asset of the 12 spot Bitcoin ETFs in the US spot Bitcoin ETF, with an asset of $ 50 billion and a cumulative inflow of $ 40 billion. Coinbase, which handles ibit’s custody, will also manage new European products.
The Bitcoin Exchange Trading Products (ETP) will be provided to all organizations and knowledge retail investors and will be issued in a special purpose vehicle headquartered in Switzerland.
IB1T is available at a discount of 0.15%
The temporary fee discount for European ETPs is valid at 0.15%by the end of 2025. IB1T is one of the cheapest Bitcoin ETPs at the launch. In comparison, COINSHARES’s $ 1.3 billion Bitcoin product, Europe’s largest encryption ETP, charges a 0.25% commission, the same fee as IB1T after the abandonment period.
Manuela Sperandeo, head of Blackrock’s European and Middle East iShares product, said that the launch of this product is an important turning point in the industry. She explained that the demand for retail investors is increasing and the interest of professional investors is increasing.
In recent years, BLACKROCK has been a vocal advocate of digital assets. BLACKROCK’s CEO of Larry Fink recently called Bitcoin a “safe shelter” at the World Economic Forum. He did not completely approve it, but suggested that Bitcoin could reach $ 700,000.