BlackRock, the world’s largest investment company, manages over $11 trillion in assets under management, and made two important moves on March 25th to increase its presence in the crypto industry.
The company has expanded its tokenized money market funds to the Solana blockchain and introduced the first Bitcoin Exchange Sales Product (ETP) in the European market.
Bitcoin ETP
BlackRock has launched iShares Bitcoin ETP in major European markets.
According to the product website, ETP will begin trading on March 25th at German Xetra Exchange, Euronext Paris and Euronext Amsterdam. The products trade under Xetra and Paris in Amsterdam and ticker IB1T from BTCN.
To promote recruitment, ETP debuts at a short rate of 0.15%, which will remain in effect until 2026. The fees then increase to 0.25%, in harmony with similar regional offerings.
The launch follows the strong performance of BlackRock’s iShares Bitcoin Trust (IBIT) in the US, which currently manages more than $50 billion in assets.
According to SoSovalue data, the US-based fund currently holds around 2.9% of its circular Bitcoin supply.
Buidl’s Solana Extension
In another development, BlackRock’s tokenized fund, the USD Institutional Digital Ryutisity Fund (Buidl), currently lives in Solana.
This marks the seventh blockchain supporting the fund, following previous rollouts on Ethereum, Avalanches, arbitrum, Aptos, Polygons and Optimism.
Securitize, a partner at Buidl’s BlackRock, explained that it has expanded its product to Solana due to the fast transaction speeds and low network fees of the blockchain network.
“We’re committed to providing a range of services to our customers,” said Carlos Domingo, co-founder and CEO of Securitize.
“The next step will become natural as RWA and tokenized Treasury markets gain momentum and expand Buidl, a blockchain known for its speed, scalability and cost-effectiveness, into Solana.”
Buidl tokenize traditional money market funds, offering the advantages of blockchain-based settlements and 24/7 trading. This contrasts with traditional funds that operate within limited market hours.
Today, Buidl manages more than $1.7 billion in assets, primarily cash and short-term US Treasury bills. Ethereum hosts the majority of these holdings of over $1.5 billion, but the remaining assets will be distributed to other supported blockchains.
Aptos and Avalanche each hold about $53 million, followed by Polygon, Arbitrum and Optimism.
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