BlackRock, the world’s largest asset manager, has officially rolled out its first Bitcoin exchange-traded product (ETP) in Europe, marking a significant expansion of its cryptocurrency offerings beyond North America. Announced on March 25, 2025, via Bloomberg, the iShares Bitcoin ETP (IB1T) debuted on Xetra, Euronext Paris, and Euronext Amsterdam with a temporary fee waiver slashing its expense ratio to 0.15%—a move designed to lure both institutional and retail investors. This launch builds on the runaway success of BlackRock’s U.S.-based iShares Bitcoin Trust (IBIT), which has amassed $48 billion since its January 2024 debut.
The European ETP, domiciled in Switzerland through a special-purpose vehicle, lists under the ticker IB1T on Xetra and Euronext Paris, and BTCN on Euronext Amsterdam. BlackRock’s fee strategy undercuts competitors, with the 10-basis-point discount holding until December 31, 2025, before reverting to a still-competitive 0.25%. “This reflects a tipping point—combining retail demand with growing professional interest,” said Manuela Sperandeo, BlackRock’s Head of Europe & Middle East iShares Product, in a Bloomberg interview. Coinbase Global Inc. will custody the physical Bitcoin backing the product, ensuring secure asset management.
BlackRock’s timing taps into a surging global appetite for crypto exposure. In the U.S., its IBIT fund shattered records as the most successful ETF launch ever, pulling in $57.5 billion by February 4, 2025, per BlackRock’s site. Europe’s crypto ETP market, though smaller at $13.6 billion, per Bloomberg data, lags the U.S.’s $105 billion but shows untapped potential. CoinShares’ $1.3 billion Physical Bitcoin ETP, Europe’s largest, charges 0.25%, matching IB1T’s post-waiver rate but not its introductory deal. The 0.15% fee positions BlackRock to challenge this landscape, especially as Bitcoin hit $86,700 on March 25.
The move aligns with a broader pro-crypto shift. U.S. President Donald Trump’s March 6, 2025, executive order for a Bitcoin reserve, followed by a March 7 Crypto Summit, has fueled optimism—U.S. spot Bitcoin ETFs saw $35 billion in net inflows in 2024. Europe, however, faces stricter rules under the EU’s Markets in Crypto-Assets (MiCA) framework, rolled out since 2023. BlackRock’s Swiss base sidesteps some hurdles, offering a regulated gateway for investors amid MiCA’s phased enforcement.
Demand isn’t new in Europe—over 160 crypto ETPs track assets like Bitcoin and Ethereum. Yet, BlackRock’s entry, backed by its $11.6 trillion in assets under management (AUM) as of Q4 2024, brings unmatched credibility. The firm’s Q4 net income hit $1.67 billion, up 21% from 2023, with $142.6 billion flowing into ETFs, per the same source. CEO Larry Fink, speaking at Davos in January, called Bitcoin a hedge against fiat debasement, a view resonating as gold topped $3,000 an ounce in 2025.
Investors gain simplified access—no wallets or private keys needed. IB1T tracks Bitcoin’s spot price, offering liquidity via traditional exchanges. “The ETP wrapper is a compelling combo,” wrote BlackRock’s Samara Cohen and Jay Jacobs in a February blog, a sentiment echoed by the 6,342 BTC ($535 million) net inflow into IBIT last week. Still, risks loom—Bitcoin’s volatility, MiCA’s evolving rules, and potential custody hiccups with Coinbase could test uptake.
Will Europe embrace this? Analysts like Steno Research predict $48 billion in Bitcoin ETF inflows globally in 2025. BlackRock’s low-fee gambit could accelerate that here, challenging CoinShares and drawing new capital. For now, it’s a bold play to cement crypto’s financial foothold.
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