BlackRock, the world's largest asset manager, has announced its first Bitcoin ETF for the European market. The new product, called iShares Bitcoin ETP, is available on exchanges in Paris, Amsterdam, and Frankfurt.
Launch of iShares Bitcoin ETP in Europe
This move follows the successful introduction of similar products in the U.S., where BlackRock attracted over $50 billion in investments. The company is now expanding its presence in the European cryptocurrency markets.
Strategic Partnerships and Product Details
For the European Bitcoin product, BlackRock has formed strategic partnerships with key financial institutions. Coinbase is chosen as the custodian, and Bank of New York Mellon will act as the administrator.
Context and Market Trends
Amidst these developments, MicroStrategy, the largest corporate Bitcoin holder, recently increased its assets to over 500,000 BTC. The company bought bitcoins worth $584 million, bringing the total investment to $33.7 billion.
The launch of iShares Bitcoin ETP signifies continued interest from large investors in cryptocurrencies, strengthening BlackRock's position as a leading player in the market.
