After a successful run in the United States, BlackRock is set to launch its Bitcoin exchange-traded product (ETP) in Europe. The move, announced on Tuesday, demonstrates the financial giant’s ongoing commitment to digital currency investment products.
The iShares Bitcoin ETP, a product of BlackRock, will be listed on Euronext Paris and Xetra under the ticker “IB1T”. Furthermore, it will also be featured on Euronext Amsterdam under the “BTCN” ticker. The ETP is fully backed by Bitcoin, which is securely held by Coinbase Custody International Ltd. in cold storage.
This marks BlackRock’s maiden venture into cryptocurrency-backed ETPs outside North America, as reported by Bloomberg. As of Monday, the iShares Bitcoin Trust, which is BlackRock’s US-based spot Bitcoin ETF, had realized a net inflow of $39.8 billion and a net asset value of $50.69 billion. This makes it the largest among US spot Bitcoin ETFs.
US spot Bitcoin ETFs have been on a winning streak recently, registering positive flows for a consecutive seven days. On Monday alone, these ETFs witnessed $84 million in net inflows and a total trading volume of $1.97 billion, according to data from SoSoValue.
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