BlackRock to Launch Spot Bitcoin ETP in Europe

BlackRock Inc., the world’s largest asset manager with over $11.5 trillion in assets under management, is preparing to launch a spot Bitcoin exchange-traded product (ETP) in Europe, according to a report from Bloomberg

The fund is expected to be based in Switzerland and BlackRock could begin marketing it as early as this month, sources familiar with the matter told Bloomberg. Though, at the time of writing, a BlackRock representative declined to comment on the matter.

This listing would mark yet another step in BlackRock’s international expansion of its Bitcoin-related offerings, as the firm has already launched spot Bitcoin ETFs in both Canada and Brazil

BlackRock appears eager to build on the success of its U.S.-based spot Bitcoin ETF, IBIT, which became the “greatest ETF launch in history,” amassing over $50 billion in assets under management in just its first year of being live.

At the World Economic Forum in Davos in January, BlackRock CEO Larry Fink stated that he is a “big believer” in Bitcoin, and that its price could run up to $700,000 if more asset allocators start buying it, and if there is more fear of currency debasement, political and economic instability