BlackRock, the largest asset manager globally managing over $11 trillion in assets, is set to introduce its Bitcoin-linked exchange-traded products in Europe.
As per a report from Bloomberg, the fund is expected to be based in Switzerland, with promotional activities for the product likely to commence later this month, as per sources familiar with the matter.
U.S. and Asia Lead in BTC ETFs
Discussing the development, a senior ETF analyst at Bloomberg mentioned that current BTC ETF dominance lies in the U.S. and Asia.
The analyst observed that Europe shows less enthusiasm for trending assets.
“Europe registers low on the list of top spot bitcoin ETFs by size.. U.S. spot ETFs are only a year old and hold a massive market share of 91% worldwide… Bringing some of the U.S. influence to Europe through BlackRock could be promising, although it should be acknowledged that Europeans exhibit less interest in hot trends compared to the U.S. and select Asian nations.”
As of now, specific details regarding the product’s fees remain undisclosed.
However, BlackRock was among the early adopters to receive approval for launching a U.S.-based spot BTC ETF in early 2024.
The iShares Bitcoin ETF (IBIT) has enjoyed considerable success both in the cryptocurrency realm and traditional financial markets.
By February 4th, IBIT had accumulated over 585.3K BTC, valued at approximately $58 billion based on prevailing market rates.
Bitcoin Emerges as Top Choice: BlackRock CEO
Interestingly, BlackRock’s CEO Larry Fink has expressed firm support for Bitcoin, highlighting it as the preferred asset for individuals seeking refuge from currency devaluation or political turmoil.
During the recent World Economic Forum in Davos, Switzerland, Fink remarked,
“For those concerned about currency devaluation, economic uncertainty, or political unrest in their nation, Bitcoin provides a globally accessible alternative to mitigate these local concerns.. BTC could potentially reach $500k, $600k, $700k.”