BlackRock launched Bitcoin ETP in Europe
The world's largest investment company, BlackRock, has launched its first bitcoin product, iShares Bitcoin ETP, in Europe. The fund is based in Switzerland and is listed on exchanges in Paris, Amsterdam, and Frankfurt. To launch the ETP in Europe, BlackRock entered into a partnership with Coinbase as the custodian and Bank of New York Mellon as the administrator.
Cryptocurrency ETPs in the EU will allow traditional European funds and banks to gain access to BTC through regulated exchange products. iShares Bitcoin ETP will trade on Xetra and Euronext Paris as IB1T and on Euronext Amsterdam as BTCN.
BlackRock became one of the first institutional investors to offer exchange-traded products (ETPs) in the US after the US Securities and Exchange Commission (SEC) approved them for the first time in January 2024. The company managed to attract over $50 billion.
ETP is a general term for all exchange-traded instruments, such as stocks. It includes: ETFs (exchange-traded funds), ETNs (exchange-traded notes), and ETCs (exchange-traded commodities, such as gold or oil). ETPs may not have physical backing.