Blackrock, the active manager behind the largest American ETF Bitcoin, is developing on the European cryptography market with its first product negotiated Bitcoin (FTE) outside of North America. This launch is an intelligent decision to draw from the growing interest in cryptocurrency on new markets, following the impossible success of similar products in the United States
Although ETPs linked to cryptocurrency have been available on European exchanges for years, the market in Europe is much smaller, worth 13.6 billion dollars, compared to the larger market in the United States
According to the details shared on the Ishares website, Bitcoin ETP Ishares will start on Xetra and Euronext Paris under the IB1T Ticker and on Euronext Amsterdam as BTCN on Tuesday.
According to more than 50 billion assets and almost $ 40 billion in BlackRock Bitcoin Trust, is the largest among the 12 US Bitcoin ETFs, with more than $ 50 billion in active ingredients and almost $ 40 billion in cumulative entries, according to Sosovalue data. Coinbase, which manages custody for Ibit, will also manage the new European product.
This product negotiated Bitcoin (FTE) will be available for institutional and competent retail investors, and it will be issued by a special vehicle based in Switzerland.
The European ETP will have a temporary expenses of 0.15%, valid until the end of 2025. The renunciation of costs makes one of the cheapest ETPs available at launch. In comparison, the largest ETP Crypto in Europe, the Bitcoin product of $ 1.3 billion in coinshares, invoice costs of 0.25% – the same costs as IB1T will have after the end of the derogation period.
Manuela Sperandeo, Chief of Blackrock, the head of Ishares of Europe and the Middle East, said that the launch of the product marks an important turning point in the industry. She explained that he represents a mixture of growing demand for retail investors and growing interest on the part of professional investors.
In recent years, BlackRock has been a vocal defender of digital assets. Blackrock CEO, Larry Fink recently described Bitcoin as “refuge” possible during the World Economic Forum. Although he does not approve of it entirely, he suggested that Bitcoin could reach $ 700,000, seeing it as a potential solution to the devaluation of frames and political instability.
