U.S. asset manager BlackRock (BLK) has launched its first Bitcoin (BTC) exchange-traded product (ETP) in Europe as it looks to expand its cryptocurrency offerings beyond North America.
The world’s biggest investment firm with more than $10 trillion of assets under management already runs the largest spot Bitcoin exchange-traded fund (ETF) in America, known as the iShares Bitcoin Trust ETF (IBIT). Now, BlackRock is pushing into Europe, listing a Bitcoin exchange-traded product (ETP) in what is its first crypto expansion outside of North America.
The company has launched its iShares Bitcoin ETP, which is domiciled in Switzerland and listed on exchanges in Paris, Amsterdam, and Frankfurt. BlackRock’s iShares Bitcoin Trust ETF is by far the largest of about a dozen spot Bitcoin ETFs listed in the U.S., with net assets or more than $50 billion.
European Market
In Europe, products similar to crypto ETFs are known as exchange-traded products (ETPs) and have been around for several years. Digital asset managers CoinShares and 21Shares currently account for nine of the top 20 crypto ETPs listed in Europe.
CoinShares Bitcoin ETP is the largest on the continent with $1.30 billion of assets under management and a 0.25% management fee. Crypto exchange Coinbase Global (COIN), which provides custody for BlackRock’s IBIT ETF in the U.S., will do the same for the European-listed product. The fee for BlackRock’s European ETP is 0.15% until the end of 2025.
The stock of BlackRock has risen 22% over the past 12 months.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on Bitcoin, so we’ll look at the cryptocurrency’s three-month performance instead. As one can see in the chart below, the price of BTC has declined 7.63% in the last 12 weeks.
