BlackRock, a giant in the investment world, is reportedly bringing its successful Bitcoin exchange-traded product (ETP) to Europe. This will be the company’s first foray into digital assets on the continent.
European Expansion After US Success
Following the huge success of its US Bitcoin ETP, BlackRock is preparing to launch a similar product in Europe, according to Bloomberg. Sources say the ETP will be based in Switzerland and could be advertised as early as this month.
What are ETPs?
ETPs and ETFs let investors get exposure to assets like Bitcoin without actually buying the asset itself. This makes investing in sometimes complex markets easier and more accessible.
A Winning Formula?
BlackRock’s US Bitcoin ETP, launched earlier this year, has been a massive hit. It reportedly outperformed all other US Bitcoin ETFs upon launch and even surpassed BlackRock’s own gold ETF in assets under management, despite the gold ETF having a much longer history. The US ETP currently boasts around $57.4 billion in net assets. This is a significant move considering the European crypto ETP market is estimated at roughly $17.3 billion.
The Bottom Line
BlackRock’s move signals growing institutional interest in Bitcoin and the broader cryptocurrency market. The company’s success in the US, coupled with the relatively smaller European market, suggests a potentially lucrative expansion for BlackRock. However, remember that all investments, especially in crypto, carry risk. Always do your own research before investing.
