BlackRock Inc., the world's largest asset manager, is preparing to launch a Bitcoin (BTC) Exchange-Traded Product (ETP) in the European market. This move follows the success of the fund management they launched in the United States. It is known that the management has reached a value of US$58 billion.
According to Bloomberg, the investment product will likely be based in Switzerland. In addition, its launch is said to be imminent, possibly even this month.
For information, BlackRock itself is a leader in issuing funds managed with assets of more than US$4.4 trillion in various investment products. Meanwhile, although Europe already has crypto-related investment products, interestingly this will be BlackRock's first product outside of North America.
“Having exposure to Bitcoin through an ETP instrument has become an attractive combination for investors,” BlackRock executives Samara Cohen and Jay Jacobs wrote in a post last month.
On the other hand, the European market for crypto investment products is still relatively smaller than the US, but the Markets in Crypto-Assets (MiCA) regulations that came into effect last December are predicted to encourage more financial institutions to enter the cryptocurrency industry.
-# Image Source: Bloomberg
