BlackRock is launching its bitcoin exchange-traded product in Europe on Tuesday, following the success of its U.S. spot bitcoin ETF, which was launched last year.

BlackRock's iShares Bitcoin ETP will be listed on Euronext Paris and Xetra under the "IB1T" ticker, as well as on Euronext Amsterdam under "BTCN" today.

According to iShares, the ETP is backed by bitcoin held by Coinbase Custody International Ltd. in cold storage.

The listing of the bitcoin ETPs in Europe marks BlackRock's first introduction of crypto-backed ETPs outside North America, according to Bloomberg. As of Monday, the iShares Bitcoin Trust, BlackRock's spot Bitcoin ETF in the U.S., has recorded a cumulative net inflow of $39.8 billion and holds $50.69 billion in net assets, making it the largest among U.S. spot bitcoin ETFs.

U.S. spot bitcoin ETFs have recently enjoyed a sustained period of success, recording positive flows for seven straight days. On Monday, these U.S. ETFs saw $84 million in net inflows, with a total trading volume of $1.97 billion, according to SoSoValue data.

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