Key Information on BlackRock’s Bitcoin ETP Launch

• BlackRock is gearing up to introduce a bitcoin exchange-traded product (ETP) in the European market, marking a significant step in the integration of cryptocurrency into traditional financial instruments.

• The iShares Bitcoin ETP will be available for trading on two major European exchanges: Xetra and Euronext in Paris, identified by the ticker symbol IB1T, while it will trade on Euronext Amsterdam under the ticker BTCN.

• This innovative financial product will enjoy a temporary fee waiver of 10 basis points, subsequently lowering its management fee to an appealing 0.15% until the end of 2025, making it an attractive option for investors.

BlackRock (BLK), recognized globally as a leading asset management firm, is preparing to launch a bitcoin exchange-traded product (ETP) in Europe. This move signifies the company’s first foray into the crypto ETP market outside of North America, showcasing its commitment to expanding cryptocurrency investment options for European investors.

The iShares Bitcoin ETP is anticipated to commence trading on Xetra and Euronext in Paris under the ticker IB1T and on Euronext Amsterdam as BTCN on Tuesday, as detailed on iShares’ official website. This launch is being closely watched, as it could serve as a bellwether for similar investment vehicles in the cryptocurrency space.

BlackRock’s iShares Bitcoin Trust ETF (IBIT) has established itself as the premier spot bitcoin ETF in the United States, with total net assets exceeding $50 billion and cumulative net inflows approaching $40 billion, according to comprehensive data provided by SoSoValue. This positions BlackRock as a formidable player in the evolving landscape of cryptocurrency investments.

Coinbase (COIN), which is entrusted with the custodial duties for IBIT, will extend its custodial services to include the new European ETP. This partnership underscores Coinbase’s role as a key collaborator in the realm of digital asset management.

The introduction of this European ETP will feature a strategically reduced fee structure, with an initial temporary reduction of 10 basis points, bringing the overall management fee down to a competitive 0.15% until the end of 2025. This pricing strategy is likely aimed at attracting a broad swath of investors who may have been hesitant to enter the cryptocurrency market due to traditional fee structures typically associated with investment products.

This significant milestone in BlackRock’s offerings was previously highlighted in a report by Bloomberg, indicating growing institutional interest in bitcoin and the broader cryptocurrency market.

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