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BlackRock the world’s largest asset manager is set to launch its first Bitcoin Exchange Traded Product (ETP) in Europe marking a significant expansion in its cryptocurrency offerings. Based in Switzerland the ETP will be marketed starting this month. This initiative follows the success of BlackRock’s iShares Bitcoin ETF in the U.S. which gathered nearly $60 billion in assets within a year.
With this new venture BlackRock joins other investment firms like Kraken and FTX EU in enhancing crypto-backed securities across Europe. The move could intensify competition among ETP providers in the region as seen in the U.S. where similar initiatives have led to fee waivers and competitive expense rates.
Analysts see this as a pivotal moment for European investors with potential implications for ETP performance depending on the fee structure yet to be disclosed. BlackRock’s foray into the European market underscores its commitment to providing innovative investment solutions globally aligning with the growing dominance of U.S.-based Bitcoin ETFs which now control 91% of the global market.
