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BlackRock Rolls Out Bitcoin ETP In Europe After US

BlackRock is entering into the European landscape after the US by launching iShares Bitcoin Trust (ETP). Can BTC price rally?
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BlackRock Rolls Out Bitcoin ETP In Europe After US

Highlights

  • BlackRock launches its iShares Bitcoin Trust in Europe.
  • Following remarkable success in the U.S., this venture paves the way for more funds influx into the market.
  • Market watchers anticipate a BTC price breakout ahead.

Following renowned asset manager 21Shares’ venture into Europe with crypto-backed ETPs, BlackRock echoed a market buzz with its plans to launch Bitcoin ETP in the region. The company revealed in an official statement that the iShares BTC ETP will be available on Xetra and Euronext Paris under the ticker IBIT starting this Tuesday. Furthermore, the same ETP product will also feature on Euronext Amsterdam, commencing on the same day.

As global pro-crypto ushers gain significant momentum, the American asset manager makes its first approach outside the U.S with this new ETP.

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BlackRock Deploys Bitcoin ETP In Europe

According to a recent Bloomberg report on March 25, BlackRock is introducing Bitcoin ETP in the abovementioned markets across Europe this Tuesday. This product will debut with a temporary fee waiver of 10 basis points, reducing its expense ratio to 0.15% until year-end.

It 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,” stated the head of Europe & Middle East iShares Product, Manuela Sperandeo.

Following the asset manager’s remarkable success in the U.S. with Bitcoin ETFs, this move paves the way for heightened regional participation with the flagship crypto. SosoValue data signals that the American asset manager holds net assets worth $50.96 billion in its IShares BTC Trust (IBIT), underscoring its dominant stance in the U.S. promptly after its inception. Broader market sentiments in turn remain optimistic in light of the new venture launched in Europe.

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Crypto Popularity In Europe Sees A Spike

It’s also worth pointing out that Europe is witnessing growing crypto adoption. CoinGape reported that 21Shares rolled out Bitcoin, Solana, and XRP ETPs on Nasdaq Stockholm. This mover marks another pro-crypto stride in the nation.

Reportedly, the European market saw Bitcoin Core ETP (CBTC), the Solana Staking ETP (ASOL), and the XRP ETP (AXRP) listings. Now, with BlackRock expanding its foothold in the sector, broader market sentiments over BTC price movements remain optimistic.

For context, the new offering paves the way for increased investor interaction with the flagship crypto, thereby bringing more funds into the market.

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BTC Price Breakout Awaits?

At the time of reporting, BTC price traded at $87,266, up from $86,346.08 over the day. The flagship crypto even hit a high of $88,758.73 in the past 24 hours. Market watchers remain optimistic about the crypto’s long-term prospects, given the rising institutional and regional adoption. Meanwhile, the asset’s intraday trading volume also surged 53.90% to $32.54 billion.

Amid the soaring global adoption, another bullish news has uplifted the market sentiment for the crypto. Michael Saylor’s Strategy raised $722 million via a Series A funding round to acquire Bitcoin. This news added to market sentiments of a bullish breakout for Bitcoin ahead, further escorted by BlackRock’s ventures..

However, renowned crypto market analyst Ali Marinez revealed that the crypto faces crucial resistance at $89,000. Sustaining a break above this point remains vital for a bullish breakout.

Source: Ali Charts, X

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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