BlackRock has announced its widely anticipated entry into the European Cryptocurrency Exchange Trade Products (ETP) market with a physically supported Bitcoin strategy.
The iShares Bitcoin ETP (IB1T) debuts with a total cost ratio (TER) of 0.15%, but will increase to 0.25% at the end of the year when the temporary fee waiver ends.
Supported by Bitcoin, resident in Switzerland and held in cold storage through Coinbase, IB1T trades with Deutsche Bose, Euronext Paris and Euronext Austerdam.
The ticker reflects that of the company’s listed Ishares Bitcoin Trust ETF (IBIT).
The US regulator’s decision to approve Bitcoin ETFs in January 2024 helped drive cryptocurrencies to new highs. It received a new boost in November when President Donald Trump, who is believed to have a favorable stance on digital assets, was elected.
Bitcoin broke the $100,000 mark for the first time in December, but has been under pressure in recent weeks, and is currently trading around $87,000.
The world’s largest asset manager said the decision to expand its crypto ETP offering to Europe is data-based. A recent survey conducted in collaboration with Focus Data found that 75% of professional investors are interested in Bitcoin ETP within the next two years.
“We’re committed to providing a range of services to our customers,” said Jane Sloan, EMEA Head of BlackRock’s Global Product Solutions. “With 25 million cryptocurrency investors across Europe, we believe ETP plays a key role in bridges between crypto and traditional finance through efficiency and convenience.
“In addition to ease of access, the iShares Bitcoin ETP is built to provide institutional grade security for European investors to Bitcoin holdings.”
At 0.25% TER, BlackRock appeared at the market rates of physical Bitcoin ETP in Europe, with Coinshare, WisdomTree and Invesco all recently removed fees to that level as part of the fee war in the space.
The European crypto ETP market is much smaller than the US, with the largest product homes at just $1.3 billion.
Earlier this month, Whitelabel Hannett announced Europe’s first leveraged Bitcoin and Ethereum.
This article was originally published on ETF.com Sister Publication ETF Stream.
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