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BlackRock's Bitcoin ETP Debuts in Europe After Strong Performance in U.S.
BlackRock has officially launched its iShares Bitcoin Exchange-Traded Product (ETP) in Europe, marking a significant expansion of its crypto offerings beyond North America. The ETP will be listed on Euronext Paris and Xetra under the ticker symbol "IB1T," as well as on Euronext Amsterdam under "BTCN."
This move comes after the firm’s successful introduction of its U.S. spot Bitcoin ETF last year, which has since attracted substantial investment. As of Monday, the iShares Bitcoin Trust, BlackRock's U.S. offering, reported a cumulative net inflow of $39.8 billion and holds approximately $50.69 billion in net assets, making it the largest U.S. spot Bitcoin ETF.
The newly launched ETP is backed by Bitcoin held in cold storage by Coinbase Custody International Ltd., a measure that aims to provide investors security and trust.
The launch in Europe signifies BlackRock's first foray into crypto-backed ETPs outside the North American market, reflecting a growing interest in crypto products among institutional investors.
In the U.S., spot Bitcoin ETFs have been experiencing a period of positive momentum, with net inflows recorded for seven consecutive days. On Monday, these ETFs saw $84 million in net inflows alongside a total trading volume exceeding $1.97 billion, according to data from SoSoValue.