BlackRock's Bitcoin ETP Set to Revolutionize European Markets

BlackRock, the world's largest asset manager with over $10 trillion in assets under management, is set to launch a new spot market Bitcoin (BTC) exchange-traded product (ETP) in Europe, marking its first foray into digital assets on the continent. According to a report from Bloomberg, BlackRock is preparing to launch the BTC ETP in Europe following the significant success of its U.S. iShares Bitcoin Trust ETF (IBIT).

Anonymous sources familiar with the matter revealed that the ETP will be based in Switzerland and could be advertised as early as this month. ETFs and ETPs enable traders to gain exposure to assets like precious metals and cryptocurrencies without physically owning them. BlackRock first launched IBIT in January 2024 after years of delays by the U.S. Securities and Exchange Commission.

Bloomberg previously reported that IBIT had the most successful debut among all U.S. BTC ETFs. At the time, it was found that IBIT held more assets than BlackRock's Gold ETF, which was launched nearly two decades earlier in 2005. According to BlackRock's official website, the net assets of IBIT are $57.4 billion, while Bloomberg reports that Europe's total crypto ETP market is around $17.3 billion.

As of writing, IBIT is trading at $56.09, a slight decrease from the day's opening price. Meanwhile, the top crypto asset by market cap, Bitcoin, is valued at $98,146.