BlackRock, those titans of finance (or maybe just really tall people in suits 🤔), have finally unleashed their first Bitcoin ETP in Europe! That’s right, folks, they’re dipping their toes (or maybe their whole corporate foot) into the wacky world of crypto outside of North America! And get this, they’re even offering a teeny-weeny temporary fee waiver. Such generosity!
The American financial behemoth – BlackRock – is schmoozing its way into the European crypto scene with a Bitcoin exchange-traded product. It’ll be struttin’ its stuff under the alias IB1T on Xetra and Euronext Paris, and as BTCN on Euronext Amsterdam. They’re spreading their wings (or maybe just filling out paperwork) beyond North America, you see.
Word on the street (Bloomberg, to be exact, on Tuesday, March 25th) is that this iShares Bitcoin ETP (IB1T, a name only a mother could love) is launching with a temporary fee waiver of, get this, 10 whole basis points! That’s like finding a penny on the sidewalk! This reduces the expense ratio to a measly 0.15% until the end of the year. Don’t spend it all in one place!
Manuela Sperandeo, BlackRock’s head honcho for Europe & Middle East iShares Product, says this shindig reflects “what really could be seen as a tipping point in the industry — the combination of established demand from retail investors with more professionals now really getting into the fold.” In other words, even the smart guys are chasing that sweet, sweet Bitcoin cheddar! 💰
This whole shebang follows the massive success of BlackRock’s U.S.-listed iShares Bitcoin Trust (IBIT), which raked in billions! It became the fastest-growing ETF in market history! $48 billion in 2024, according to the brainiacs at VettaFi. They’re printing money faster than the Federal Reserve! (Almost.)
While IB1T is handing out fee waivers like candy at first, it’ll eventually charge 0.25%. The same as CoinShares‘ $1.3 billion physical Bitcoin product, Europe’s largest crypto ETP. So, basically, they’re all just trying to squeeze a few shekels out of us. BlackRock also confirmed that Coinbase, the crypto exchange everyone loves to hate (and secretly uses), will remain as its custodian for the physical Bitcoin backing the ETP. Because who else are you gonna trust with your digital gold, your bubbe? 👵
Apparently, this thingamajig is designed for both institutional types and those “informed” retail investors. Issued through a special-purpose vehicle based in Switzerland. Because everything shady happens in Switzerland, right? 😉
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2025-03-25 12:21