The world’s largest asset manager has made another significant move in the cryptocurrency space. BlackRock, which manages over $11.5 trillion in assets, launched its first European bitcoin product on March 25, 2025 – a physically backed Bitcoin exchange-traded product (ETP). This development marks a crucial milestone in the institutional adoption of digital assets in Europe and further cements Bitcoin’s position as an emerging institutional asset class.
JUST IN: $11.5 trillion Blackrock is launching a #Bitcoin ETP in Europe 🇪🇺 pic.twitter.com/dZ8z3N3tGv
— Bitcoin Magazine (@BitcoinMagazine) March 25, 2025
The Launch Details
The iShares Bitcoin ETP began trading on Tuesday across multiple European exchanges:
- Germany’s Deutsche Boerse Xetra (under ticker IB1T)
- Euronext Paris (under ticker IB1T)
- Euronext Amsterdam (under ticker BTCN)
The product is domiciled in Switzerland and holds physical Bitcoin in cold storage through Coinbase’s custody service. This European expansion follows BlackRock’s tremendously successful launch of the iShares Bitcoin Trust (IBIT) in the United States last year, which has amassed over $50 billion in assets and currently ranks as the world’s largest spot Bitcoin ETF.
Competitive Fee Structure
BlackRock has implemented an aggressive fee strategy to establish dominance in the European market:
- Initial management fee: 0.15% (through a temporary fee waiver)
- Standard fee after December 31, 2025: 0.25%
This pricing is deliberately competitive, undercutting many existing offerings in Europe. According to Stephen Wundke, director of strategy and revenue at crypto investment firm Algoz, “There is no doubt BlackRock’s aggressive fee structure was designed to keep competitors out of the market and question the commitment of any new entrants.” The strategy appears to be working, as several competitors including CoinShares, WisdomTree, and Invesco have already matched these competitive rates.
Market Context and Significance
The European Bitcoin ETP market has historically lagged behind its American counterpart in terms of assets under management. Currently, the largest European crypto product holds approximately $1.3 billion, a fraction of BlackRock’s $50.7 billion US Bitcoin ETF. However, the entry of such a dominant player could significantly change the landscape.
Manuela Sperandeo, BlackRock’s head of Europe and Middle East iShares Product, told Bloomberg that this launch “reflects what really could be seen as a tipping point in the industry — the combination of established demand from retail investors with more professionals now really getting into the fold.”
Jane Sloan, EMEA head of global product solutions at BlackRock, highlighted the substantial European investor base: “With 25 million cryptocurrency investors across Europe, we believe ETPs have an important role to play to build a bridge between crypto and traditional finance through their efficiency and convenience.”
Also Read: Strategy Becomes First Public Firm to Hold Five Hundred Thousand Bitcoin
Strategic Swiss Connection
The Swiss domicile of the ETP is particularly notable. Dirk Klee, Country Head for Switzerland at BlackRock, emphasized that “There’s a lot of Switzerland in the iShares Bitcoin ETP. BlackRock Switzerland played a key role in its development.” The Swiss structure offers tax advantages, exempting the ETP from stamp duty on both purchases and sales, making it more tax-efficient for many investors.
Regulatory Confidence
BlackRock’s expansion into Europe signals confidence in the European regulatory environment for digital assets. Ajay Dhingra, head of research at decentralized exchange aggregator Unizen, noted that the move reflects BlackRock’s confidence in the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework: “From Trump to Biden and now Trump again, US digital asset policy has been largely inconsistent. In contrast, the EU has steadily embraced compliant blockchain adoption — offering the regulatory stability companies are looking for.”
Market Impact and Future Outlook
While the immediate market impact in Europe may differ from what was observed in the United States, the entry of BlackRock represents a significant validation of Bitcoin as an institutional asset class. BlackRock CEO Larry Fink, once skeptical of Bitcoin, has evidently warmed to the asset as client demand has surged.
Currently, BlackRock recommends a conservative allocation of 1-2% for investors with appropriate risk tolerance and governance frameworks. This cautious approach underscores that while institutional acceptance is growing, Bitcoin is still considered a relatively high-risk asset that should comprise only a small portion of diversified portfolios.
Stephen Wundke suggests that European investors shouldn’t expect the same dramatic inflows seen in the US: “Quality investment products through regulated asset managers have been more available throughout Europe than in the US, and secondly, Bitcoin is also more easily purchased. […] However, the ability for traditional family offices across Europe to hold a small percentage of their asset base in ‘digital gold’ is no doubt a good thing. […] Just don’t expect $60 billion of purchases in the first quarter.”
BlackRock’s Growing Crypto Portfolio
The European Bitcoin ETP joins BlackRock’s expanding crypto product lineup:
- iShares Bitcoin Trust (IBIT) – US Bitcoin ETF with $50.7 billion AUM
- Grayscale Ethereum Trust ETF – Top Ether ETF with $3.46 billion AUM
- iShares Bitcoin ETF on CBOE Canada
This diversification demonstrates BlackRock’s comprehensive strategy to provide cryptocurrency exposure across major markets and through various regulated investment vehicles.
Conclusion
BlackRock’s entry into the European Bitcoin ETP market represents another significant step in the mainstreaming of cryptocurrency investments. By bringing its substantial resources, reputation, and distribution network to bear, BlackRock is helping to bridge the gap between traditional finance and digital assets.
While the European market may develop differently than its American counterpart, the presence of the world’s largest asset manager offers legitimacy and accessibility that could accelerate institutional adoption across the region. For European investors seeking Bitcoin exposure through familiar, regulated channels, the iShares Bitcoin ETP provides an attractive option backed by one of finance’s most trusted names.
As traditional and digital finance continue to converge, BlackRock’s expanding cryptocurrency footprint suggests that institutional adoption of Bitcoin and other digital assets is no longer a question of if, but rather of how much and how fast.
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