On March 25, BlackRock will list its iShares Bitcoin ETF on the European market. The instrument will be traded under the ticker IB1T on the Xetra and Euronext Paris platforms, and under the ticker BTCN in Amsterdam, Bloomberg writes.
This is the first time BlackRock's cryptocurrency funds have ventured outside the US.
“The launch of the product reflects what can truly be considered a game-changer in the industry – the combination of established demand from retail investors and the growth of the professional community,” said Manuela Sperandeo, head of iShares Product at BlackRock in Europe and the Middle East.
Coinbase will become a custodian, BlackRock said. IB1T, which will be available to institutional and sophisticated retail investors, will be launched by a special purpose vehicle registered in Switzerland.
Entering the market is accompanied by a temporary reduction in commission to 0.15%. The grace period will last until the end of the year, after which the fee will be 0.25% per annum.
CoinShares also offers a similar product with a 0.25% fee, but the lower starting fee makes BlackRock's offering more attractive.
U.S.-listed iShares debuted last January, quickly amassing billions of dollars in assets and becoming the best ETF launch in market history.
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