According to Bloomberg, BlackRock, the world’s largest asset manager and crypto exchange-traded fund (ETF) issuer, has revealed plans to launch a new bitcoin (BTC) ETP in Europe following the massive success of its U.S.-approved BTC investment fund.
The new investment product is known as BlackRock’s iShares Bitcoin ETP and will start trading on major European financial exchanges like Xetra, Euronext Paris, and Euronext Amsterdam on Tuesday, March 25. The funds will trade under the tickers IBIT and BTCN, respectively.
IBIT In Europe
Following the launch, European crypto-inclined investors will gain indirect access to BTC by purchasing investment funds via the approved marketplaces. This will allow them to escape the rigorous process of managing a crypto wallet or acquiring the world’s leading crypto via crypto exchanges.
To attract more investors, BlackRock is offering a temporary fee waiver of 10 basis points, reducing the management fee to 0.15% until December 31.
Commenting on the launch, Manuela Sperandeo, BlackRock’s head of Europe & Middle East iShares Product, said,
“It reflects what really could be seen as a tipping point in the industry — the combination of established demand from retail investors with more professionals now really getting into the fold.”
The move marks BlackRock’s first launch of a crypto-linked investment product outside of America. Meanwhile, it marks a milestone in crypto-based ETF adoption, providing institutional investors with a secure and regulated means of entering the crypto market.
Notably, BlackRock’s U.S.-approved crypto ETFs lead the market with over $40 billion in investments.
Europe Welcomes Crypto ETFs
BlackRock has only joined the list of asset managers to debut crypto ETFs in Europe. Famous $7.5 billion asset manager and crypto ETF issuer 21Shares listed three of its main ETPs, the 21Shares Bitcoin Core ETP (CBTC), the 21Shares Solana Staking ETP (ASOL), and the 21Shares XRP ETP (AXRP) on Nasdaq Stockholm in Europe.
Asset manager Bitwise also recently listed a Solana (SOL) ETP in Europe, exposing intending investors to the world’s sixth-largest crypto.
Meanwhile, various asset managers have filled the Securities and Exchange Commission (SEC) desk with applications to list a series of altcoin ETFs in the United States and await the financial watchdog’s response on the final decision.
