BlackRock introduced its Bitcoin ETP to European markets after the success of its US-based ETF together with a short-term fee discount period.

BlackRock the worldwide asset management firm expanded its cryptocurrency range through the launch of Bitcoin Exchange-Traded Products in the European market. The iShares Bitcoin Trust (IBIT) Bitcoin ETF in the United States has seen rising asset management levels to $50.6 billion according to current statistics.

The new Bitcoin Exchange-Traded Product of iShares Bitcoin ETP will start trading via Xetra and Euronext Paris with IB1T and Euronext Amsterdam as BTCN according to a March 25 Bloomberg report.

The product contains a temporary 0.10% fee reduction which brings the expense ratio to 0.15% until the end of 2024.

BlackRock launched their first crypto-linked ETP beyond North America with the iShares Bitcoin ETP which followed the earlier introductions of IBIT and iShares Bitcoin ETF on Cboe Canada.

Rising retail demand and increasing institutional interest drive market momentum according to Manuela Sperandeo who serves as BlackRock’s Head of iShares Product for Europe and the Middle East. BlackRock intends to improve European adoption by expanding its operations in Europe according to Sperandeo.

The European crypto ETP market tracks digital assets through over 160 products but its overall size still falls behind the US market according to Bloomberg ETF analyst Eric Balchunas whose remarks were made in February.

Since their introduction to the market one year ago US spot Bitcoin ETFs have gained 91% dominance of the global market due to their low expenses and strong trading capacities.

Balchunas predicted that BlackRock would achieve major European market growth following its successful US model. According to him European investors exhibit greater fear concerning financial risks when compared to both American and Asian investors.

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