BlackRock launches Euro Bitcoin Fund
BlackRock has launched its first bitcoin exchange-traded product in Europe, ‘iShares Bitcoin’.
The launch comes with the objective of tapping into the growing demand for cryptocurrency exposure in new markets, after attracting more than billion into similar products in the United States.
According to BlackRock’s product page, the iShares Bitcoin ETP began trading on March 25th, on Xetra and Euronext Amsterdam and Paris, with the ticker BTCN and IB1T, respectively.
It has partnered with Coinbase as custodian and Bank of New York Mellon as administrator on the latest product, the page said.
BlackRock was one of the first institutional investors to offer exchange-traded products (ETPs) in the US to track the spot price of bitcoin after the Securities and Exchange Commission first approved them in January 2024.
The asset manager launched the US-listed spot Bitcoin ETF, the iShares Bitcoin Trust, which has amassed .6 billion in assets under management since its launch.
The new product marks BlackRock’s first crypto-linked exchange-traded product (ETP) launch outside North America after it release the iShares Bitcoin Trust and iShares Bitcoin ETF on Cboe Canada.