TBW - EXCLUSIVE: Amundi enters the crypto ETF race

After watching impassively as the BlackRock tidal wave washed away everything in its path, Amundi is taking the plunge. According to our information, Europe's leading asset manager is preparing to launch its own bitcoin ETNs - the European equivalent of US ETFs.

The launch is scheduled for early 2026.

When contacted by The Big Whale, Amundi responded: "While maintaining our prudent and selective approach, the MiCA regulation now enables us to consider a first initiative in digital assets. By exploring opportunities through appropriately structured, dedicated vehicles, we could meet certain client demands, subject to regulatory approval."

Also according to our information, the custody of bitcoins and, in time, other digital assets, could be via Caceis, one of the subsidiaries of banking giant Crédit Agricole, which is Amundi's main shareholder - with a 68.7% stake.

Caceis obtained MiCA authorisation a few months ago for several activities and, in particular, the custody of digital assets.

The arrival of Amundi, which manages more than €2,000 billion in assets, is a further sign that traditional finance players are speeding up on bitcoin and digital assets.

"BlackRock's success forced them to move," confides a person close to the European giant.

A historic start for BlackRock

It has to be said that the feat is unprecedented: the iShares Bitcoin Trust (IBIT) now holds more than 800,000 bitcoins on behalf of its clients, or almost 4% of the total supply, the equivalent of $97 billion. This is more than the US company Strategy (640,000 bitcoins) chaired by Michael Saylor.

In just twenty months, BlackRock has transformed its Bitcoin ETF into an institutional behemoth, attracting record flows and paving the way for bitcoin for pension funds, insurers and family offices.

Launched in January 2024, IBIT has established itself as the best ETF start-up in thirty years. It passed $70 billion in assets under management in just 341 days, an all-time record in the history of exchange traded funds.

Since then, it has become BlackRock's most profitable product, with higher fee income than the US giant's popular S&P 500 ETF.

The fund continues to break collection records: alone, IBIT now captures more than half of the total assets invested in US Bitcoin spot ETFs, far ahead of rivals Fidelity or Franklin Templeton.

BlackRock has also launched an Ethereum ETF with $18 billion under management.

Massive institutionalisation

This massive institutionalisation comes against a backdrop of unprecedented demand for bitcoin, which is increasingly seen as the "digital equivalent of gold" (Jerome Powell's term).

As shown by data from several players, including Bitwise in its latest report, the accumulation of large investors is reducing the available supply: reserves on exchange platforms have fallen to their lowest level since 2017, increasing the pressure on prices and creating what some analysts are calling a "liquidity squeeze".

In this context, the launch of Amundi's bitcoin ETFs will not simply be one more product on the market: it marks the official entry of another European heavyweight into the race to institutionalise bitcoin.

A European market that has everyone salivating

But while Amundi is preparing to make its entry, the field is not virgin. Several European players have already positioned themselves in this booming market: the UK's CoinShares, Switzerland's 21Shares, and Bitwise and Hashdex have been offering ETPs (Exchange Traded Products) backed by cryptocurrencies, mainly bitcoin and ether, for several years.

These products, often listed on the Zurich, Frankfurt or Amsterdam exchanges, have given European investors access to crypto via a regulated vehicle, but they have never enjoyed the same clout as the asset management giants.

CoinShares, a pioneer in the sector, now manages just over $4 billion in assets under management, compared with over $90 billion for BlackRock's IBIT alone.

So the difference is scale. With more than €2,000 billion under management, Amundi has the potential to take the European crypto ETP market into a whole new dimension. Above all, the arrival of the French giant could change the perception of institutional investors, who are still wary of an asset long considered too speculative.

"What Amundi brings is legitimacy. It's a signal that bitcoin is no longer a marginal asset, but an allocation asset", sums up a London-based manager.

One challenge remains: the European regulatory framework. While the MiCA directive now provides a framework for cryptoassets, the crypto ETP market is still under construction on the Old Continent. Amundi's arrival could act as a catalyst, pushing regulators to clarify the conditions for launching such products.

"It's a matter of months," says an investment banker familiar with the matter. "The regulators know they can't afford to see the whole market go to the US." Again.