BlackRock, the world’s largest asset manager and now a major player in the broader crypto landscape, is making headlines again with the upcoming launch of its first Bitcoin exchange-traded product (ETP) in Europe. Following the successful performance of its $48 billion US fund that tracks Bitcoin, the new iShares Bitcoin ETP is set to debut on Xetra and Euronext Paris under the ticker IB1T, and on Euronext Amsterdam under the BTCN ticker on Tuesday. BlackRock’s First Crypto Venture Outside North America To attract investors from the outset, BlackRock is implementing a temporary fee waiver of 10 basis points, which will reduce the expense ratio to 0.15% until the end of the year. According to Bloomberg, this pricing strategy positions IB1T among the most competitively priced options in the market—significantly cheaper than Europe’s largest crypto ETP, CoinShares International Ltd’s physical Bitcoin product, which charges 0.25%. Manuela Sperandeo, BlackRock’s head of Europe & Middle East iShares Product, commented on the launch, stating that it represents a potential “tipping point” in the industry. The iShares Bitcoin ETP marks BlackRock’s first venture into crypto-linked ETPs outside North America. While similar products have been available in Europe for years, the market—valued at $13.6 billion—remains significantly smaller compared to the US market. BlackRock’s US-listed iShares Bitcoin Trust made headlines upon its launch in January 2024 following the US Securities and Exchange Commission’s (SEC) approval, quickly accumulating billions in assets and setting records for ETF launches. The physical Bitcoin backing the IB1T will be custodied by Coinbase Global. The product is designed for both institutional and informed retail investors and will be issued by a special purpose vehicle based in Switzerland. BUIDL On The Solana Blockchain In related developments, the asset manager is also expanding its digital asset offerings through collaboration with Securitize, a financial technology company for real-world asset (RWA) tokenization. The BlackRock USD Institutional Digital Liquidity Fund (BUIDL), which has recently surpassed $1 billion in assets under management, will launch a new share class on the Solana (SOL) blockchain, representing BlackRock’s first tokenized fund to be issued on a public blockchain. Launched in March 2024, BUIDL provides qualified investors with access to US dollar yields on-chain, featuring flexible custody options, daily dividend payouts, and near real-time peer-to-peer transfers. With BUIDL now available on seven blockchains—including Aptos (APT), Arbitrum (ARB), Avalanche (AVAX), Ethereum (ETH), Optimism (OP), and Polygon (POL)—cross-chain interoperability is facilitated by Wormhole, allowing secure and seamless token transfers. Carlos Domingo, co-founder and CEO of Securitize, highlighted the growing demand for tokenized real-world assets and the asset manager’s decision to expand to the Solana blockchain, stating: In the year since BUIDL’s launch, we’ve experienced significant growth in demand for tokenized real-world assets, reinforcing the value of bringing institutional-grade products on-chain. As the market for RWAs and tokenized treasuries gains momentum, expanding BUIDL to Solana—a blockchain known for its speed, scalability, and cost efficiency—is a natural next step At the time of writing, Bitcoin is trading at $88,000, up 8% on a weekly basis. Solana, on the other hand, has seen even greater gains with a price spike of nearly 20% in the same time frame, trading at $145. Featured image from Shutterstock, chart from TradingView.com
