Asset Management giant BlackRock It has released its first bitcoin-backed exchange traded product (ETP) in Europe.
The iShares Bitcoin ETP started trading Euronext Paris, Amsterdam and Germany’s Xetra will all be trading on Tuesday. ETP is trading under IB1T at Xetra, Euronext Paris, and BTCN Euronext Amsterdam.
BlackRock introduced a bitcoin-based ETF to the U.S. market last year. The U.S. ETFiShares Bitcoin Trust, (IBIT) has attracted assets of over $50 billion and is now the largest Bitcoin ETF in the world. BlackRock CEO Larry Fink The company has expressed scepticism towards bitcoin. However, it appears that the demand from clients led to a change of heart.
BlackRock’s launch of a European Bitcoin ETP gives institutional investors exposure to the price performance of bitcoin in a familiar, regulated package. Since years, crypto ETPs exist in Europe but their assets lag behind those of U.S. Bitcoin ETFs.
BlackRock’s bitcoin ETP charges a 0.25-percent management fee, but this fee is reduced to just 0.15% by a temporary waiver of the fee until 2025. Coinbase is the ETP’s custody provider.
BlackRock, the world’s largest asset manager with more than $10 trillion in assets under management and distribution capabilities, brings a significant amount of scale. This is an indication of increasing mainstream acceptance of bitcoins as emerging asset classes.
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Source: bitcoinmagazine.com
