The world’s largest investment company BlackRock has launched its first bitcoin product, the 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 partnered with Coinbase as custodian and Bank of New York Mellon as administrator.
Cryptocurrency ETPs in the EU will allow traditional European funds and banks to access BTC through regulated exchange-traded products. The iShares Bitcoin ETP will be traded 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 United States after the U.S. Securities and Exchange Commission (SEC) first approved them in January 2024. The company managed to raise more than $50 billion.
ETP is a general term for all exchange-traded instruments that are traded on an exchange like stocks. It includes: ETFs (exchange-traded funds), ETNs (exchange-traded notes), and ETCs (exchange-traded commodities, such as gold or oil). ETPs may not be physically backed.
This once again showed that bitcoin is becoming a full-fledged financial instrument for large investors, so a new capital inflow could raise the value of BTC in the long run. For now, bitcoin is trading at $88 thousand.
Trump Media shares jumped 9% after the parent company of the USA president’s social network announced on an agreement with Crypto.com to launch a series of exchange-traded funds (ETFs) and related products.
Source: Reuters
