BlackRock Launches First Bitcoin ETP in Europe
BlackRock, one of the largest asset management firms, has officially launched its first Bitcoin exchange-traded product (ETP) in Europe. The new ETP, named iShares Bitcoin ETP, began trading on March 25. It launched on three major European stock exchanges: Xetra (Germany), Euronext Amsterdam, and Euronext Paris.
This is BlackRock’s first crypto product outside North America. It follows the success of its U.S.-based iShares Bitcoin Trust, which currently holds $50.7 billion in assets and accounts for about 2.73% of the total Bitcoin supply.
An ETP, or exchange-traded product, allows investors to buy shares that represent the value of a specific asset—in this case, Bitcoin. For many European investors, this kind of product offers a more convenient and regulated way to invest in Bitcoin. It also helps institutions and family offices that follow stricter investment guidelines to allocate a small portion of their portfolio to digital assets.
iShares Bitcoin ETP Comes Amid EU’s Stable MiCA Regulations
BlackRock’s decision to enter the European market follows the growing demand for regulated digital asset products in the region. The company’s head of iShares for Europe and the Middle East, Manuela Sperandeo, said the launch represents a “tipping point” for the industry. Both retail and professional investors are showing increasing interest in cryptocurrencies.
While the U.S. has seen growth in crypto ETFs, Europe has had a more gradual but steady interest in regulated crypto products. Experts say Europe’s more consistent regulatory environment—particularly the Markets in Crypto-Assets (MiCA) framework—makes it an attractive region for companies like BlackRock.
In contrast, the U.S. has seen back-and-forth policies on digital assets under different administrations. This has made long-term planning difficult for crypto companies.
Low-Fee Strategy Aims to Challenge Competitors
To attract investors, BlackRock has temporarily lowered the fees on this new product. It is offering a 10 basis point (0.10%) fee waiver. This brings the cost down to 0.15% until the end of 2025. In comparison, Europe’s top crypto ETP — CoinShares Physical Bitcoin — charges 0.25%.
According to Stephen Wundke, director of strategy and revenue at crypto investment firm Algoz, BlackRock’s aggressive pricing strategy is likely intended to keep new competitors out of the market. He said this kind of fee competition benefits investors and pushes other companies to improve their offerings.
Despite the launch, analysts caution that the European response might not mirror the surge seen in the U.S. market. Wundke noted that Europe has long offered regulated crypto investment options and easier access to Bitcoin. This means the new ETP may not generate the same excitement as in the United States.
However, he added that traditional investment institutions, like family offices, may still take advantage of the product to hold a small amount of Bitcoin—often referred to as “digital gold”—as part of a diversified portfolio. Still, Wundke does not expect to see the kind of large-scale investments that pushed the U.S. ETF past $60 billion in its early stages.