BlackRock (BLK), the world’s largest asset management company, has more than $100 trillion in AUM, plans to list Bitcoin exchange-traded products (ETPs) in Europe. Bloomberg reports Wednesday.
The fund will be based in Switzerland and BlackRock may start marketing this month, the report said.
This will be the first ETP for giant asset managers outside the United States with cryptocurrencies. BlackRock’s US iShares Bitcoin ETF (IBIT) has been Wild successSince its opening, nearly $60 billion in assets have accumulated in just over a year.
Blackrock’s move will be the latest in a range of investment firms, hoping to further dive into Europe with crypto-backed securities. Kraken recently obtained a license to enable it to provide derivative tools, Join others like Bitstamp and FTX EU.
The company’s entry into Europe’s crypto ETP ecosystem could further boost Competition response It can be seen in various providers, including the fees for several products, and some of the fees for ETP are Up to 2.5%. In the United States, there was a similar competitive response after the launch of these funds in January 2024.
The product revolves around this product, including the fee structure, which will have a big impact on the performance of ETP. “I don’t know the cost yet, it will be a big variable,” Bloomberg analyst Eric Balchunas says. “U.S. ETFs have blown up the rest of the world with cost and liquidity, but either way shows the promise of the world’s largest asset managers who have a big business overseas.”
Balchunas said the U.S.-based Bitcoin ETF currently owns 91% of the world market.
BlackRock did not comment before release date.
