Hassan Maishera
TL;DR
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Asset management giant BlackRock plans to launch a Bitcoin-based ETP product to be listed in Europe.
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Bloomberg reported that the financial instrument could be based out of Switzerland.
BlackRock to Launch a Bitcoin Exchange-traded Product in Europe
BlackRock Inc., the world’s largest asset manager, plans on listing a Bitcoin-based exchange-traded product (ETP) in Europe, roughly a year after launching its Bitcoin ETF in the United States.
Sources familiar with the plans told Bloomberg that the ETP will likely be domiciled in Switzerland. The report added that BlackRock could start marketing the fund as soon as this month.
BlackRock's U.S.-listed spot Bitcoin ETF (IBIT) currently tracks the price of Bitcoin. IBIT is the largest BTC-based product trading with assets under management of nearly $57 billion.
Bloomberg added that,
"The European market for cryptocurrency ETPs is hotly contested, with more than 160 products available tracking the price of bitcoin, ether, and other tokens. However, its $17.3 billion size pales in comparison to that of the U.S."
Bitcoin, the leading cryptocurrency by market cap, is trading at $96,892 per coin, down 3% in the last 24 hours.
