BlackRock Rolls Out Bitcoin Exchange-Traded Product in Europe
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BlackRock Inc. BLK has launched a bitcoin exchange-traded product (ETP), iShares Bitcoin, in Europe after the solid performance of its $48 billion U.S. fund that tracks the cryptocurrency.Details of BlackRock’s ProductBlackRock’s iShares Bitcoin ETP was listed on Tuesday on Xetra and Euronext Paris under the ticker IB1T and on Euronext Amsterdam under the ticker name BTCN. The product was launched with a temporary fee waiver of 10 basis points, lowering its expense ratio to 0.15% until the end of 2025.The fee waiver makes IB1T one of the cheapest alternatives at launch. In comparison, Europe’s largest crypto ETP—CoinShares International Ltd.’s $1.3 billion physical Bitcoin product—charges a 0.25% fee, which will also be the expense ratio for BlackRock’s IB1T following the expiration of the waiver.IB1T, accessible to both institutional and informed retail investors, was issued by a special-purpose vehicle registered in Switzerland.Rationale Behind BLK’s Product LaunchBlackRock’s move aims to capitalize on the rising demand for cryptocurrency exposure in new markets beyond the United States. This aligns with the organic growth strategy of the company to enhance offerings and boost its assets under management.Manuela Sperandeo, head of Europe & Middle East iShares product at BlackRock, stated, “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.”Last month, BLK launched a Bitcoin exchange-traded fund in Canada by listing it on Cboe Canada. Likewise, the company collaborated with Partners Group to enhance its retail solutions. In January 2024, the company launched Bitcoin ETFs in the United States, which have been enjoying great success.BlackRock’s Zacks Rank & Price PerformanceShares of BlackRock have gained 2% compared with the industry’s 2.4% growth in the past six months.Image Source: Zacks Investment ResearchCurrently, BLK carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Product Expansion Efforts by Other Finance FirmsEarlier this month, SEI Investments Co. SEIC announced the launch of SEI Strategies in collaboration with Capital Group to enhance tax solutions for its clients through model portfolios.SEI Investments aims to capitalize on the rising demand for model portfolios as investors seek better tax solutions and investment strategies.Similarly, Robinhood Derivatives, LLC, a wholly-owned subsidiary of Robinhood Markets, Inc. HOOD, launched a prediction markets hub directly within the Robinhood app, allowing customers to trade on the outcomes of several major global events, including the expected upper limit of the Federal Reserve funds rate in May.The launch of the prediction markets hub aligns with Robinhood’s objective to become a full-service financial firm and compete with dominant derivatives brokers.Only $1 to See All Zacks' Buys and SellsWe're not kidding.Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 256 positions with double- and triple-digit gains in 2024 alone.See Stocks Now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report BlackRock (BLK): Free Stock Analysis Report SEI Investments Company (SEIC): Free Stock Analysis Report Robinhood Markets, Inc. (HOOD): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
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