Asset management giant BlackRock is set to make its mark in Europe with the launch of a new spot market Bitcoin exchange-traded product (ETP). This move marks BlackRock’s first foray into the digital asset space in the continent, following the success of its US iShares Bitcoin Trust ETF (IBIT).
Reports from Bloomberg indicate that BlackRock, with over $10 trillion in assets under management, is gearing up to introduce a BTC ETP in Europe. This new product is expected to be based in Switzerland, with plans to promote the fund as early as this month.
ETPs and exchange-traded funds (ETFs) offer traders the opportunity to gain exposure to assets like precious metals and cryptocurrencies without the need to physically own them. BlackRock initially launched IBIT in January 2024 after facing delays from the US Securities and Exchange Commission.
IBIT’s debut in the US market was met with great success, surpassing other US BTC ETFs. The fund currently boasts $57.4 billion in net assets, outpacing BlackRock’s Gold ETF despite being launched almost two decades later. In comparison, Europe’s total crypto ETP market is estimated to be around $17.3 billion.
At the time of writing, IBIT is trading at $56.09, showing a slight decrease for the day. Meanwhile, the leading cryptocurrency, Bitcoin, is valued at $98,146.
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