BlackRock Expands BUIDL Fund to Solana, Launches Bitcoin ETP in Europe

BlackRock, the world's largest asset manager, has made significant strides in the cryptocurrency space with two major developments. The company has expanded its BUIDL tokenized fund to the Solana blockchain, marking the seventh blockchain network it has integrated. This move follows the fund's initial launch on Ethereum and subsequent expansions to other networks. The BUIDL fund, which focuses on tokenized real-world assets, has seen substantial growth, surpassing $1 billion in total assets under management as of March 13, 2025. This growth is partly attributed to a $200 million allocation from the crypto protocol Ethena, which has contributed to a 56% increase in the fund's assets within a month.

In another significant development, BlackRock has launched its first Bitcoin exchange-traded product (ETP) in Europe. The iShares Bitcoin ETP, which will trade under the ticker IB1T on Xetra and Euronext Paris and as BTCN on Euronext Amsterdam, represents the company's first foray into crypto-linked ETPs outside of North America. The product is designed for both institutional and informed retail investors and will be issued through a special-purpose vehicle based in Switzerland. The ETP will initially offer a temporary fee waiver of 10 basis points, reducing its expense ratio to 0.15% until the end of the year. After the waiver period, the fee will increase to 0.25%, matching the expense ratio of CoinShares' physical Bitcoin product, Europe's largest crypto ETP. Coinbase will continue to serve as the custodian for the physical Bitcoin backing the ETP.

Manuela Sperandeo, BlackRock’s head of Europe & Middle East iShares Product, highlighted the significance of this launch, stating that it reflects a tipping point in the industry. This tipping point is characterized by the combination of established demand from retail investors and the increasing participation of professionals in the crypto market. The launch of the Bitcoin ETP in Europe follows the success of BlackRock’s U.S.-listed iShares Bitcoin Trust, which has amassed billions in assets and become the fastest-growing ETF in market history. The U.S. product allocated $48 billion in 2024, demonstrating the growing interest and investment in Bitcoin and other cryptocurrencies.

These developments underscore BlackRock's commitment to expanding its presence in the cryptocurrency market. By integrating the BUIDL fund with the Solana blockchain and launching a Bitcoin ETP in Europe, the company is positioning itself as a leader in the digital asset space. The moves are likely to attract more institutional and retail investors, further driving the growth of the crypto market.