One of the world’s largest asset managers, BlackRock, has started trading its iShares Bitcoin ETP on major European exchanges — Xetra, Euronext Amsterdam, and Euronext Paris. The launch took place on March 25 and marked a significant step toward institutional adoption of Bitcoin in Europe, despite modest initial inflows.

Meanwhile, in the U.S., a similar fund — the iShares Bitcoin Trust ETF — has already attracted over $49 billion and captured more than 50% of the spot Bitcoin ETF market. Analysts at Bitfinex note that in the U.S., demand was supported by both institutional and retail investors, while Europe has yet to see similar participation.

Nonetheless, experts believe BlackRock’s entry into the European market sets the tone and may encourage other institutions to explore crypto investment products. Iliya Kalchev, an analyst at Nexo, believes that the modest early flows should not be seen as a failure — they reflect structural differences between the markets. According to him, long-term success in Europe will depend on infrastructure, education, and regulatory clarity.

Although Europe’s market is developing more slowly than the U.S., where total Bitcoin ETF holdings exceeded $126 billion by early 2025, BlackRock’s launch in Europe is still viewed as a major step toward global crypto adoption. With over $11.6 trillion in assets under management, the firm has the potential to open the door for more institutional investors as the regulatory landscape in Europe becomes clearer.