BlackRock, the world's largest asset manager, is expanding its Bitcoin presence in Europe with a new exchange-traded product linked to Bitcoin.
Launch of BlackRock's New Fund in Europe
According to Bloomberg, BlackRock's new fund will likely be domiciled in Switzerland, with marketing expected to begin this month. This initiative follows the success of the company's Bitcoin ETF in the US.
Success of BlackRock's US Bitcoin ETF
BlackRock launched its Bitcoin ETF in the US in January 2024. By February 4, the funds had $57.75 billion in total net assets, with a cumulative flow exceeding $40.7 billion. BlackRock's IBIT has set industry records as the fastest growing ETF among 12 similar funds.
BlackRock as a Leader in ETF Issuance
Bloomberg noted that BlackRock is a leader in ETF issuance, managing over $4.4 trillion in these products. The company has become a major supporter of cryptocurrencies on Wall Street. BlackRock's new venture in Europe is set to support wider Bitcoin adoption in the region.
BlackRock's move to launch a Bitcoin ETP in Europe underscores the company's commitment to strengthening its position in the cryptocurrency market, paving the way for broader Bitcoin adoption globally.