The world’s largest asset management company with more than $ 10 trillion in AUM, Blackrock (BLK) plans to note a Bitcoin Exchange Traded Product (ETP) in Europe, Bloomberg reported Wednesday.
The fund would be based in Switzerland and Blackrock could start marketing it as soon as this month, according to the report.
This would be Giant Asset Manager’s first crypto-bound ETP outside America. Blackrock’s US-based Ishares Bitcoin ETF (Ibit) has been a wild success and accumulated almost $ 60 billion in assets just more than a year ago opening for business.
Blackrock’s relocation would be the latest in a number of investment companies that want to dive further into providing crypto-supported securities in Europe. Kraken recently secured a license that will allow it to offer derivatives, and join others such as Bitstamp and FTX EU.
The company’s entry into the European Crypto ETP ecosystem could further fuel for the competitive response seen among various providers that include fee exemptions on several products, some expenses fees for ETPs have been as high as 2.5%. In the United States, a similar competitive answer came after these funds were launched in January 2024.
There are still many questions about this product, including the fee structure, which would have major consequences for ETP’s performance. “Don’t know the fee yet, it will be a big variable,” said senior Bloomberg analyst Eric Balchunas. “The US ETFS is blasting the rest of the world in costs and liquidity, but no matter what, the commitment of the world’s largest asset manager shows who has a great presence abroad. “
US-based Bitcoin ETFs currently have 91% of the world market, Balchunas said.
Blackrock did not comment before pressing time.
