BlackRock, the largest asset manager globally, announced the launch of a new Bitcoin ETP in Europe, based in Switzerland. This move follows the successful launch of a Bitcoin ETF in the US and is aimed at developing interest in crypto-backed products worldwide.
BlackRock Launches Bitcoin ETP in Europe
BlackRock is taking steps to introduce its first crypto-linked product in Europe — a Bitcoin ETP, based in Switzerland. According to Bloomberg, the company may begin promoting the product as early as this month. This initiative follows the successful launch of its Bitcoin ETF in the US, which gathered nearly $60 billion in assets within its first year.
Competition and Fee Structure in European Market
The European market attracts numerous investment firms offering crypto-linked products, including Kraken, Bitstamp, and FTX EU. BlackRock's entry into this competitive market could prompt other firms to entice investors by waiving fees. The exact fee structure of BlackRock's new Bitcoin ETP is currently unknown, a significant factor in determining the product's market performance.
Growing Interest in Crypto Products
The success of US Bitcoin ETFs reflects substantial institutional interest, making cryptocurrencies an essential part of investors' portfolios. To date, inflows into US Bitcoin ETFs have exceeded $40.6 billion, indicating strong demand for these products among investors. The development of a similar ETP in Europe is expected to further drive Bitcoin prices and strengthen BlackRock's position in the global crypto industry.
As part of its strategy to broaden its influence in the crypto market, BlackRock aims to solidify its position by offering a European Bitcoin ETP. Along with its success in the US, this development should enhance the company's stance and increase interest in crypto products on an international scale.
