BlackRock Launches New Bitcoin Exchange-Traded Product in Europe
BlackRock has launched a new Bitcoin exchange-traded product in Europe through its iShares fund service as issuers push forward on efforts to create crypto-focused products following the success of U.S.-based Bitcoin funds.
The iShares Bitcoin ETP (IB1T) is listed on German, French, and Dutch stock exchanges, according to a prospectus on the iShares website.
“Each ETP security corresponds to a specific amount of Bitcoin,” the prospectus reads.
Decrypt has reached out to BlackRock to learn more.
Coinbase, the U.S.’s largest crypto exchange, would custody the digital assets for the investment vehicle, according to the prospectus.
BlackRock’s application for a spot Bitcoin ETF in mid-2023 was considered a pivotal moment in their eventual approval in January 2024, given its status as the world’s largest asset manager, with over $11 trillion in assets under management.
Its iShares Bitcoin Trust has generated nearly $40 billion in net inflows, the most among the 11 bitcoin funds currently trading, according to U.K. asset manager Farside Investors. Spot Bitcoin funds now control nearly $100 billion in assets.
BlackRock’s spot Ethereum fund has received more than $4 billion in assets since it debuted in July 2024. Crypto ETFs have given investors exposure to the asset in a more familiar financial product.
Separately, in an announcement Tuesday, tokenization platform Securitize said that it had launched BlackRock’s $1.7 billion tokenized treasury fund BUIDL on the Solana blockchain.
“Following the one-year anniversary of BUIDL’s launch, BlackRock and Securitize are expanding access with a new share class on the Solana network,” Securitize said in a post on X.
“This milestone marks an important step in the continued institutional adoption of tokenized real-world assets,” it added.
Edited by James Rubin and Sebastian Sinclair