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BlackRock is poised to expand its crypto product line with the launch of a Bitcoin ETP in Europe, capitalizing on the runaway success of its US-listed spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), according to a Wednesday report from Bloomberg, citing sources with knowledge of the matter who requested anonymity due to the confidential nature of the plans.
Projected to be based in Switzerland, the planned fund would be BlackRock’s first crypto ETP in the European market. The world’s leading asset manager, which previously focused on North America, launched the IBIT fund and subsequently introduced its iShares Bitcoin ETF on Cboe Canada. The new ETP may debut as soon as this month, sources said.
BlackRock’s IBIT has become one of the largest Bitcoin ETFs since its launch last January, accumulating approximately $58 billion worth of Bitcoin as of February 4. The fund ranks as the 31st largest ETF globally across all categories, including traditional finance products, according to VettaFi.
IBIT has led the spot Bitcoin ETF market with a five-day winning streak, attracting nearly $934 million in net inflows since January 30. Yesterday’s inflows alone totaled approximately $249 million, driving most of the spot Bitcoin ETF market’s gains.
The European crypto ETP market currently features more than 160 products tracking various digital assets, though its size remains smaller than the US market. The expansion comes as Bitcoin has reached new highs this year, amid increased regulatory clarity following the EU’s implementation of new crypto rules.
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