BlackRock Set to Launch Bitcoin ETP in Europe
BlackRock is preparing to launch a bitcoin exchange-traded product (ETP) in Europe within the next few weeks, according to a source with knowledge of the matter. This move comes amidst growing demand for cryptocurrency exposure from both institutional investors and retail customers.
The ETP is anticipated to be domiciled in Switzerland, the source revealed. In recent months, the Wall Street giant has established iShares Digital Assets AG, a Zurich-based company focused on digital assets.
BlackRock declined to provide any comments on the matter.
Institutional Adoption of Bitcoin
BlackRock was among the first institutional investors to launch ETPs tracking the spot price of bitcoin, following their approval by the U.S. Securities and Exchange Commission (SEC) in January 2024. This approval marked a significant milestone for the asset class, raising expectations within the crypto industry that mainstream finance would embrace cryptocurrencies more broadly.
BlackRock's primary bitcoin-linked product, IBIT, has experienced rapid growth, accumulating over $57.5 billion in net assets as of February 4th, according to information on BlackRock's website. However, existing U.S.-domiciled products are not accessible to all global investors.
Regulatory Landscape in Europe
Bloomberg was the first to report on BlackRock's European expansion plans. While the crypto industry in the United States has welcomed the election of President Trump and his support for the sector, European crypto businesses are facing new, more stringent regulations.
The European Union's landmark crypto regulatory framework, known as the Markets in Crypto-Assets Regulation (MiCA), was introduced in 2023 and is currently being implemented.