Blackrock's European ETF Quietly Tops $1 Billion

BlackRock’s European investment product has quietly achieved a massive milestone. 

The asset manager's European Bitcoin exchange-traded product (ETP) has accumulated approximately 14,200 Bitcoin. This has pushed its total valuation comfortably past the $1 billion mark.

The iShares Bitcoin ETP is capturing significant institutional interest across the European market. 

As of early May, the ETP boasts a series value of exactly $1.1 billion. To reach this billion-dollar valuation, the fund has stacked a massive reserve of Bitcoin, reflected in its 142,241,128 securities outstanding. 

The iShares Bitcoin ETP, which is domiciled in Switzerland, is meant to closely mirror the spot price of the digital asset. It tracks the CME CF Bitcoin Reference Rate as its primary index.

Since a single-asset Bitcoin fund cannot qualify as a UCITS ETF, European asset managers use the broader Exchange-Traded Product (ETP) or Exchange-Traded Note (ETN) structure. For comparison, the U.S.-based IBIT is actually structured as a traditional Delaware statutory trust. 

More milestones

As of the latest update on May 2, the total historical net inflow for Bitcoin spot ETFs has reached an impressive $59 billion, which translates to a cumulative accumulation of 747.52K BTC. These products have reached an eye-popping $103 billion in total net assets. 

BlackRock's iShares Bitcoin Trust (IBIT) continues to rule the roost. IBIT currently holds approximately 810.33K BTC, accounting for $62 billion in assets under management. Fidelity's Wise Origin Bitcoin Fund (FBTC) occupies the second position with 188.00K BTC and $14 billion in AUM. It is followed by the Grayscale Bitcoin Trust (GBTC), which holds 150.74K BTC and $12 billion in AUM.