U.S. asset manager %BlackRock (NYSE: $BLK) is making its first foray into %Cryptocurrencies outside of America.
The world’s biggest investment firm with more than $10 trillion U.S. of assets under management already runs the largest spot %Bitcoin (CRYPTO: $BTC) exchange-traded fund (ETF) in America, known as the iShares Bitcoin Trust ETF (IBIT).
Now, BlackRock is pushing into Europe, listing a Bitcoin exchange-traded product (ETP) in what is its first crypto expansion outside of North America.
The iShares Bitcoin ETP has begun trading on Xetra and Euronext in Paris under the ticker symbol “IB1T.”
BlackRock’s iShares Bitcoin Trust ETF is by far the largest of about a dozen spot Bitcoin ETFs listed in the U.S., with net assets or more than $50 billion U.S.
BlackRock listed an equivalent Bitcoin ETF in Canada earlier this year.
In Europe, products similar to crypto ETFs are known as exchange-traded products (ETPs) and have been around for several years.
Digital asset managers CoinShares and 21Shares currently account for nine of the top 20 crypto ETPs listed in Europe.
CoinShares Bitcoin ETP is the largest on the continent with $1.30 billion U.S. of assets under management and a 0.25% management fee.
Crypto exchange %Coinbase (NASDAQ: $COIN), which provides custody for BlackRock’s IBIT ETF in the U.S., will do the same for the European-listed product.
The fee for BlackRock’s European ETP is 0.15% until the end of 2025.
The stock of BlackRock has risen 18% over the past 12 months to currently trade at $963.50 U.S. per share.
