BlackRock, the largest investment firm in the world with over $11 trillion in assets under management, made significant moves on March 25 to increase its presence in the crypto industry. The firm extended its tokenized money market fund, BUIDL, to the Solana blockchain and introduced its first Bitcoin exchange-traded product (ETP) in the European market.
The iShares Bitcoin ETP launched by BlackRock will be available for trading on major European markets, including Germany’s Xetra exchange, Euronext Paris, and Euronext Amsterdam, starting March 25. The product will trade under tickers IB1T and BTCN and will have a reduced fee of 0.15% until 2026, after which it will increase to 0.25%. This launch follows the success of BlackRock’s iShares Bitcoin Trust (IBIT) in the US, which currently manages over $50 billion in assets.
In a separate move, BlackRock’s BUIDL tokenized fund is now live on the Solana blockchain, marking the seventh blockchain to support the fund. This expansion to Solana was driven by the blockchain network’s fast transaction speeds and low network fees, making it an ideal choice for BUIDL. BUIDL tokenizes traditional money market funds, offering the benefits of blockchain-based settlement and 24/7 trading, in contrast to conventional funds that operate within limited market hours.
Securitize, BlackRock’s partner for BUIDL, highlighted the market momentum for RWAs and tokenized treasuries as the reason for expanding BUIDL to Solana. This move aligns with BlackRock’s efforts to leverage blockchain technology for traditional financial products. BUIDL currently manages over $1.7 billion in assets, with the bulk on Ethereum and smaller amounts on Avalanche, Aptos, Polygon, Arbitrum, and Optimism.
BlackRock’s foray into the crypto industry with the launch of the iShares Bitcoin ETP and the expansion of BUIDL to Solana showcases the firm’s commitment to exploring new opportunities in the digital asset space. By launching products on different blockchains and catering to diverse markets, BlackRock is ensuring its presence in the rapidly evolving crypto industry. With the success of the iShares Bitcoin Trust in the US and the continued growth of BUIDL, BlackRock is poised to further solidify its position as a key player in the crypto investment space.
