BlackRock is set to launch its first European Bitcoin ETP, expanding beyond North America after the success of its $58 billion US Bitcoin ETF.
BlackRock Expands Crypto Offerings with Bitcoin ETP
BlackRock, the biggest asset manager in the world, is preparing to introduce a Bitcoin exchange-traded product (ETP) in Europe. This will expand its cryptocurrency options beyond North America. This step comes after the strong success of its $58 billion Bitcoin ETF in the U.S., called the iShares Bitcoin Trust (IBIT).
Bloomberg reports that the new fund will probably be based in Switzerland and may begin promoting itself as early as this month. BlackRock has not yet made any public statement about this situation.
The company, which oversees more than $4.4 trillion in ETF assets, has slowly expanded its involvement in the cryptocurrency market. Although Europe has had crypto-related ETPs for years, this will be BlackRock’s first one outside of North America.
Bitcoin ETFs Boosting Interest from Big Investors
The market for Bitcoin ETFs around the world has increased significantly since several U.S. Bitcoin ETFs were launched a year ago. These funds now have a total of $116 billion in assets, and IBIT has had the best start for an ETF ever.
BlackRock has been growing quickly in this area. In January, they launched a Bitcoin ETF on Canada’s Cboe market to allow Canadian investors to use their main U.S. product. This global effort shows that BlackRock is becoming more confident in investing in cryptocurrencies.
In 2024, U.S. Bitcoin ETFs received more than $35 billion in new investments, with an average of $144 million coming in each day. Analysts at Steno Research expect that Bitcoin ETFs will attract an extra $48 billion in 2025, showing that more institutions are getting involved in cryptocurrency.
