BlackRock to Launch First Bitcoin Exchange-Traded Product in Europe

BlackRock, a leading global investment management firm, is planning to launch its first Bitcoin exchange-traded product (ETP) in Europe, following the success of its $58 billion U.S. Bitcoin ETF. According to sources familiar with the matter, the fund is expected to be domiciled in Switzerland.

What are Exchange-Traded Products?

Exchange-traded products are a category of securities that track the value of one or more underlying assets. ETPs can be traded on regulated exchanges in the same way as company stocks and shares, offering investors a convenient and liquid way to access various asset classes.

Entry into the European Crypto ETP Market

BlackRock’s entry into the European crypto ETP market marks another step in the firm’s growing embrace of digital assets. The company could begin marketing the product as early as this month, expanding its presence in the European market.

“Bitcoin is a legitimate financial asset class for those seeking financial control outside traditional systems.”

BlackRock chairman and CEO Larry Fink has expressed his support for Bitcoin, considering it a legitimate financial asset class. This sentiment is reflected in the company’s decision to launch a Bitcoin ETP in Europe.

U.S. Spot Bitcoin ETF Market

The move comes after the U.S. spot Bitcoin ETF market took off last year, drawing $116 billion across 12 funds. BlackRock’s iShares Bitcoin Trust led the market, setting records as the best-performing ETF debut in history. The company’s IBIT added 6,470 BTC to its holdings on January 22, bringing its total to 563,134 BTC, valued at $55.6 billion at current market prices.

European Cryptocurrency ETP Market

While the European cryptocurrency ETP market is competitive, with over 160 products, it remains smaller than its U.S. counterpart, with a total market size of $17.3 billion. However, new EU crypto regulations implemented in December could provide greater clarity for institutional adoption, potentially driving growth in the market.

For more news on the cryptocurrency market, visit Global Crypto News.

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