BlackRock plans to launch Bitcoin ETP in Europe as soon as this month after US success

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Key Takeaways

BlackRock plans to launch a Bitcoin exchange-traded product in Europe following its US Bitcoin ETF success.
The company oversees $4.4 trillion in ETF assets globally and aims to expand its digital asset offerings in Europe.

BlackRock is poised to expand its crypto product line with the launch of a Bitcoin ETP in Europe, capitalizing on the runaway success of its US-listed spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), according to a Wednesday report from Bloomberg, citing sources with knowledge of the matter who requested anonymity due to the confidential nature of the plans.

The new fund is expected to be based in Switzerland and could launch as soon as this month.

The world’s largest asset manager, which oversees $4.4 trillion in ETF assets globally, is expanding its digital asset offerings beyond North America. The move would be BlackRock’s first crypto-linked ETP in the European market.

US Bitcoin ETFs have seen substantial inflows since their debut last year, with 12 funds attracting over $116 billion in total, Bloomberg data shows. BlackRock’s iShares Bitcoin Trust (IBIT) has emerged as the most successful ETF launch in history.

The European crypto ETP market currently features more than 160 products tracking various digital assets, though its size remains smaller than the US market. The expansion comes as Bitcoin has reached new highs this year, amid increased regulatory clarity following the EU’s implementation of new crypto rules.

This is a developing story.