Blackrock plans to launch its first bitcoin exchange-traded product in Europe after the success of its $ 58 billion US Bitcoin ETF.
Fund is expected to be dominated in Switzerland, sources familiar with this case Told Bloomberg,
Blackrock may begin marketing the product earlier this month. Its entry into the European Crypto ETP market is another step in the increasing hug of digital assets.
Exchange-traded products are a category of securities that track the value of one or more underlying assets. ETP can be traded on regulated exchanges just like the company’s shares and shares.
In the past, Blacrock President and CEO Larry Fink said that he believes that Bitcoin (BTC) is a ‘legitimate financial asset class’ for those seeking financial control of traditional systems.
Spot bitcoin exchange-traded products
The move came after the US spot bitcoin ETF market was closed last year, with $ 116 billion in 12 funds.
Blackrock’s Ishares Bitcoin Trust led the market, which recorded the record as the best performance in history. On January 22, Blacrock’s Ibit added 6,470 BTC to its holdings, leading to a total of 563,134 BTC. Depending on the current market prices, Blackrock’s ibit bitcoin holdings are priced at $ 55.6 billion.
While European Cryptocurrency ETP market is competitive, with over 160 products, it remains smaller than its American counterpart, with a total market size of $ 17.3 billion. However, the new European Union Crypto rules implemented in December can provide more clarity to adopt institutional.
