BlackRock Brings Bitcoin ETP to Europe
BlackRock, the world's largest asset manager, is set to launch a Bitcoin exchange-traded product (ETP) in Europe, according to a Bloomberg report. The new fund, which will be based in Switzerland, could begin marketing as early as this month. This move comes after the success of BlackRock's U.S. Bitcoin ETF, the iShares Bitcoin Trust (IBIT), which has amassed over $58 billion in assets.
BlackRock's entry into the European crypto market reflects a growing interest in digital assets among institutional investors. The company, which manages over $4.4 trillion in ETF assets globally, aims to expand its digital asset offerings in Europe. The European crypto ETP market is competitive, with over 160 products tracking Bitcoin, Ethereum, and other tokens. However, its $17.3 billion size is much smaller than the U.S. market.
The launch of several U.S. Bitcoin ETFs last year led to a surge in demand, raising $116 billion across 12 funds. BlackRock's iShares Bitcoin Trust (IBIT) is the largest, setting a record as the best-performing debut ETF in history. More financial institutions are likely to join the crypto market due to increased regulatory clarity and upcoming rules offering clearer guidelines. New crypto rules went live in the European Union in December.
