BlackRock Launches Bitcoin ETP in Europe Following US Success

BlackRock Inc. launched its iShares Bitcoin ETP in Europe on Tuesday, listing on Xetra and Euronext Paris under the ticker IB1T and on Euronext Amsterdam under BTCN. This marks BlackRock's first crypto-linked ETP outside North America, following the success of its $48 billion US Bitcoin fund. The ETP will feature a temporary fee waiver of 10 basis points, reducing the expense ratio to 0.15% until year-end. Coinbase Global Inc. will custody the Bitcoin backing the product, which is aimed at both institutional and informed retail investors and will be issued by a special purpose vehicle domiciled in Switzerland. Europe's crypto ETP market is currently valued at $13.6 billion.