BlackRock Inc. is launching a Bitcoin exchange-traded product in Europe after its $48 billion U.S. fund became the most successful ETF debut in history.
The new product, the iShares Bitcoin ETP, will be listed on Tuesday under the ticker IB1T on Xetra and Euronext Paris and under BTCN on Euronext Amsterdam. The fund opens with a promotional fee waiver of 10 basis points, bringing its expense ratio to 0.15 percent through year-end.
The move marks BlackRock’s first crypto-linked ETF outside North America. “It reflects what really could be seen as a tipping point in the industry,” said Manuela Sperandeo, head of Europe & Middle East iShares Product at BlackRock. She cited increasing participation from both retail and professional investors as driving the launch.
Bringing a U.S. Model to European Markets
BlackRock’s U.S.-listed iShares Bitcoin Trust, known as IBIT, debuted in January 2024 after receiving SEC approval. The fund reached $1 billion in assets within a week and now holds $48 billion, with 99 percent of its portfolio invested directly in Bitcoin.
By contrast, Europe’s entire crypto ETP market is valued at $13.6 billion. Despite several products already trading on European exchanges, BlackRock’s entrance adds considerable scale and credibility. The region’s largest crypto ETP, CoinShares International Ltd’s $1.3 billion physical Bitcoin product, charges a 0.25 percent fee—matching IB1T’s post-waiver cost.
The IB1T product will be custodied by Coinbase Global Inc., using physical Bitcoin to back shares. BlackRock said the ETP is accessible to both institutional and informed retail investors. It will be issued by a Swiss-domiciled special purpose vehicle, aligning with European regulatory structures.
Spot Bitcoin Exposure Without Direct Ownership
As a spot Bitcoin ETP, IB1T provides direct exposure to the cryptocurrency’s price movements. Investors can participate through traditional exchanges without managing digital wallets or private keys. The structure offers higher liquidity and regulatory oversight compared to unregulated platforms.
This model mirrors the U.S. IBIT, which is traded on the NASDAQ and accessible through standard brokerage accounts. The fund aims to eliminate operational hurdles for asset managers and financial advisers while maintaining transparency and security through regulated custodians.
BlackRock’s entry into the European market intensifies competition among issuers and may push fees lower industrywide. The timing follows the success of U.S.-based spot Bitcoin ETFs, which have driven billions of dollars into regulated crypto funds since January.
