Asset management giant BlackRock is reportedly planning to list a new Bitcoin exchange-traded product (ETP) on the spot market in Europe, marking its first digital asset venture on the continent.
According to a recent report from Bloomberg, BlackRock, which manages over $10 trillion in assets, is preparing to launch a BTC ETP in Europe following the success of its US iShares Bitcoin Trust ETF (IBIT).
Insiders familiar with the matter, who chose to remain anonymous, revealed that the ETP will be based in Switzerland, and BlackRock could begin promoting the fund as early as this month.
Exchange-traded funds (ETFs) and ETPs allow traders to gain exposure to assets, such as precious metals and cryptocurrencies, without physically owning them.
BlackRock initially launched IBIT in January 2024 after facing delays from the US Securities and Exchange Commission. Bloomberg previously reported that IBIT had the most successful debut among all US BTC ETFs. Despite being launched almost two decades earlier in 2005, IBIT held more assets than BlackRock’s Gold ETF.
As stated on BlackRock’s official website, IBIT’s net assets amount to $57.4 billion, while Bloomberg estimates the total size of Europe’s crypto ETP market at approximately $17.3 billion.
At the time of writing, IBIT is trading at $56.09, showing a slight decrease for the day, while the leading cryptocurrency by market capitalization is valued at $98,146.
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