In a move that subtly redefines the European crypto investment landscape, BlackRock has launched its first bitcoin exchange-traded product (ETP) outside North America. The iShares Bitcoin ETP began trading this week under the ticker IB1T on Germany’s Xetra exchange and on Euronext in Paris and Amsterdam as BTCN. This marks a significant expansion for the world’s largest asset manager, whose iShares Bitcoin Trust (IBIT) already dominates the U.S. market.

While the U.S. spot Bitcoin ETF wave — kicked off in early 2024 — was heralded as a landmark moment, Europe has quietly hosted crypto ETPs for several years. Yet none have matched the scale of IBIT, which now boasts over $50 billion in assets and nearly $40 billion in net inflows, according to SoSoValue data. BlackRock’s European ETP doesn’t just represent a geographical shift — it signals growing institutional confidence in bitcoin as a global asset class.

Coinbase, which already safeguards the U.S.-based IBIT, will serve as custodian for the European product as well — a continuity play that underscores BlackRock’s emphasis on infrastructure and security. To entice early adopters, the firm has set a promotional fee of 0.15%, discounted through the end of 2025, after which the fee reverts to 0.25%.

Although Europe’s crypto ETP space has long been anchored by players like CoinShares and 21Shares — with CoinShares’ Physical Bitcoin ETP managing $1.3 billion — BlackRock’s entry raises the bar. It arrives with deep institutional credibility, a proven U.S. track record, and a pricing strategy that blends ambition with accessibility.

For a region already accustomed to crypto-linked instruments, BlackRock’s arrival isn’t just about another product — it’s a quiet reshuffling of who leads and who follows.

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