BlackRock Unveils iShares Bitcoin ETP Across Key European Exchanges

BlackRock, the world's largest asset manager, has launched its inaugural Bitcoin exchange-traded product in Europe, marking a significant expansion of its cryptocurrency offerings. The iShares Bitcoin ETP began trading on March 25, 2025, and is now listed on Germany's Xetra exchange and Euronext exchanges in Paris and Amsterdam. Trading under the ticker IB1T on Xetra and Euronext Paris, and as BTCN on Euronext Amsterdam, this product offers European investors exposure to Bitcoin without the need to directly purchase or store the digital asset.

The iShares Bitcoin ETP is physically backed, meaning it holds actual Bitcoin to mirror the performance of the cryptocurrency. Coinbase Custody International has been appointed as the custodian, responsible for securely holding the underlying Bitcoin assets. This collaboration underscores BlackRock's commitment to ensuring robust security measures for its cryptocurrency ventures.

In a strategic move to attract investors, BlackRock has introduced the ETP with a temporary fee waiver of 10 basis points, effectively reducing the total expense ratio to 0.15% until the end of 2025. After this period, the TER will revert to 0.25%, aligning with the standard fees of similar physical Bitcoin ETPs in the European market. This competitive fee structure positions BlackRock favorably among its peers, such as CoinShares, WisdomTree, and Invesco, who offer comparable products.

The launch of the iShares Bitcoin ETP in Europe follows the success of BlackRock's iShares Bitcoin Trust exchange-traded fund in the United States, which has amassed over $50 billion in assets under management. This expansion reflects BlackRock's strategy to cater to the growing demand for cryptocurrency investment vehicles across different regions.

BlackRock's entry into the European cryptocurrency ETP market is timely, as the sector has witnessed substantial growth. State Street, another major financial institution, forecasts that cryptocurrency ETFs will surpass the combined assets of precious metal ETFs in North America by the end of the year, positioning crypto ETFs as the third-largest asset class in the $15 trillion ETF industry, trailing only equities and bonds. This surge in demand underscores the increasing acceptance of digital assets among institutional and retail investors alike.

The introduction of the iShares Bitcoin ETP aligns with BlackRock's broader strategy to expand its retail-focused product offerings in Europe. The firm currently holds a 43% market share in European ETFs through its iShares unit and aims to increase its European customer base from 9 million to 19 million within three years. By forming agreements with local banks to distribute diverse funds, BlackRock seeks to attract first-time European investors and capitalize on a cultural shift towards investing, encouraged by new EU policies promoting investments over low-yield savings.