BlackRock Expands Crypto Footprint with Bitcoin ETP in Europe and Solana Integration for Tokenized Fund

On March 25, BlackRock, managing over $11 trillion in assets, significantly expanded its crypto presence by launching its first Bitcoin ETP in Europe and extending its tokenized money market fund, BUIDL, to the Solana blockchain. The iShares Bitcoin ETP began trading on Germany's Xetra exchange, Euronext Paris, and Euronext Amsterdam under tickers IB1T and BTCN, respectively, with a reduced fee of 0.15% until 2026, then 0.25%. This follows the success of BlackRock's US-based IBIT, which holds approximately 2.9% of the total circulating Bitcoin supply and manages over $50 billion in assets. BUIDL's expansion to Solana, announced by Securitize, marks its availability on seven blockchains, including Ethereum, Avalanche, Arbitrum, Aptos, Polygon, and Optimism. Solana was chosen for its speed, scalability, and cost efficiency. BUIDL manages over $1.7 billion in assets, primarily in cash and short-term US Treasury bills, with Ethereum hosting over $1.5 billion. The tokenized Treasury market has grown nearly sixfold in the past year, recently crossing $5 billion in market capitalization.