BlackRock has launched its first bitcoin exchange-traded product in Europe, aiming to capitalize on the increasing demand for cryptocurrency exposure in new markets. This move follows the success of similar products in the U.S., where the firm has attracted more than $50 billion.
The “iShares Bitcoin ETP” is domiciled in Switzerland and listed in Paris, Amsterdam, and Frankfurt. As reported by Reuters, BlackRock had previously hinted at the launch but declined to comment officially.
As one of the first institutional investors to offer exchange-traded products tracking bitcoin’s spot price in the U.S., BlackRock has partnered with Coinbase as the custodian and Bank of New York Mellon as the administrator for this new product. The move solidifies BlackRock’s commitment to expanding its cryptocurrency offerings and responding to growing investor interest.
In conclusion, BlackRock’s entry into the European bitcoin ETP market demonstrates its ongoing strategy to lead the evolving cryptocurrency investment space, further enhancing its global reach.
