Blackrock to Launch Bitcoin Exchange Traded Product in Europe
BlackRock, the largest asset management firm with over $10 trillion in assets under management, is set to launch a bitcoin exchange-traded product (ETP) in Europe. Key points include:
- The ETP will be based in Switzerland.
- Marketing could begin this month.
- This marks BlackRock's first crypto-linked ETP outside the U.S.
- BlackRock's U.S. iShares Bitcoin ETF has attracted nearly $60 billion in assets since its launch.
- Other investment firms are expanding into crypto-backed securities in Europe, including Kraken, Bitstamp, and FTX EU.
- The entry of BlackRock may intensify competition among ETP providers, potentially leading to reduced fees.
- Uncertainties remain regarding the fee structure of the new ETP, which could significantly impact its performance.
- U.S. bitcoin ETFs hold 91% of the global market share.
BlackRock has not provided comments on these developments.