BlackRock Launches Bitcoin ETP in Europe
BlackRock, the world’s largest asset manager, is planning to launch a Bitcoin Exchange-Traded Product (ETP) in Europe, based in Switzerland. The product will be linked to its successful Bitcoin ETF in the US, which currently holds $58 billion in assets.
The move is intended to capture European investor interest in crypto, even though the crypto ETP market in Europe is still smaller than in the US ($17.3 billion vs. $23 billion in the US). BlackRock competes with more than 160 similar products, but its reputation could be a major advantage.
The Bitcoin ETP is attractive because it gives access to BTC without having to own it outright, reducing complexity and risk. Overall, the launch is a sign of growing institutional acceptance of crypto.