BlackRock’s Crypto Coup! 🤑

Ah, the capricious winds of finance have once again stirred, my friends! According to that ever-reliable purveyor of whispers, Bloomberg, the behemoth BlackRock—think of it as a particularly well-fed, impeccably dressed bear of the market—has unleashed a new crypto critter upon the unsuspecting European landscape. A Bitcoin ETP (exchange-traded product), if you please! Fancy, isn’t it? 🤔

BlackRock’s Bitcoin Ballet in Europe

BlackRock’s iShares, that tireless engine of investment, having already launched its spot Bitcoin ETF IBIT (a triumph, one might say, a veritable *tour de force* 🎉) in January of last year, now unveils IB1T (on Xetra and Euronext Paris) and BTCN (Euronext Amsterdam). A truly international affair, wouldn’t you agree? Like a well-choreographed ballet, but with far less tutus and significantly more potential for profit (or ruin… the theater of finance is a cruel mistress, after all).

This new exchange-traded darling offers a temporary 10% fee discount—a charming gesture, wouldn’t you say?—until the end of 2025. Think of it as BlackRock’s way of saying, “Welcome, Europe, to the thrilling, slightly terrifying world of Bitcoin! Here’s a little something to sweeten the pot… or perhaps the blockchain?” 😉

IBIT, that magnificent beast, currently holds roughly half a million Bitcoin—a sum that makes my humble savings account look positively anemic. Its value? A trifling $48 billion. A mere pittance, really. 🙄 Since its launch, it’s been attracting billions of US dollars monthly. One can only imagine the champagne corks popping (and perhaps some nervous sweating) at BlackRock headquarters.

While crypto ETPs have existed in Europe for some time, the market there remains a comparative dwarf beside its American cousin—a mere $13.6 billion compared to a staggering $105 billion in assets under management. A bit of a David and Goliath situation, but with significantly less slingshot action.

CoinShares International Ltd currently holds the crown as Europe’s largest crypto ETP, boasting $1.3 billion in Bitcoin under management and a 0.25% fee. BlackRock, however, is offering a more modest (and considerably cheaper) 0.15% until year’s end. A gentleman’s discount, if you will. 🎩

As for the US spot Bitcoin ETF market, last week alone saw nearly $800 million in net inflows. BlackRock, naturally, took the lion’s share: 6,342.47 BTC, or approximately $535,582,902. One can almost hear the faint sound of trumpets in the distance… or perhaps it’s just my imagination. 🎺

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2025-03-25 13:26