BlackRock has officially launched its iShares Bitcoin exchange-traded product (ETP) in Europe, a key milestone for Bitcoin’s institutional adoption across the continent. The product began trading on March 25, 2025, across major European exchanges, including Xetra, Euronext Amsterdam, and Euronext Paris. While the launch is considered a step forward for the mainstream acceptance of Bitcoin, analysts suggest that demand for the ETP may not match the significant momentum seen in the U.S. market.
In the U.S., BlackRock’s iShares Bitcoin Trust ETF has captured over 50% of the market share for spot Bitcoin ETFs, with its holdings valued at $49 billion as of March 27, 2025. However, analysts at Bitfinex point out that the European market is not expected to replicate this level of enthusiasm, as U.S. Bitcoin ETFs have benefited from deep institutional interest and active retail participation—factors not yet mirrored in Europe.
Despite these challenges, Bitfinex analysts view BlackRock’s entrance into the European market as a crucial development for the long-term adoption of Bitcoin. They believe that although initial demand may be modest, BlackRock’s presence could stimulate institutional interest and help shape future investment products in the region.
Iliya Kalchev, an analyst at Nexo, echoed these sentiments, emphasizing that the early-stage inflows in Europe should not be viewed as a failure. Kalchev attributes the slower initial uptake to structural differences in the European market and highlights the importance of infrastructure, education, and regulatory clarity for the long-term success of the product. He noted that BlackRock’s strong reputation could help accelerate adoption over time, even if the early response is subdued.
Despite the slower pace of growth in Europe, the launch of BlackRock’s Bitcoin ETP is still seen as a critical step in global Bitcoin adoption. With over $11.6 trillion in assets under management, BlackRock’s entry could pave the way for more institutional investors to explore Bitcoin, especially as European regulatory frameworks for cryptocurrencies become clearer.
In the U.S., Bitcoin ETFs had amassed more than $126 billion in cumulative holdings by January 2025, signaling rapid growth in the market. In contrast, European Bitcoin ETFs are expected to develop at a slower pace, with BlackRock’s Bitcoin ETP serving as a key barometer for the region’s evolving appetite for digital asset investments.
As the European market adapts to the new product, analysts remain optimistic about the long-term potential of Bitcoin in the region, confident that institutional participation will increase as regulatory clarity improves.
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