BlackRock has launched its first bitcoin exchange-traded product in Europe to capitalize on the growing demand for cryptocurrency exposure in new markets, following its success in attracting over $50 billion into similar products in the United States.
The product, named 'iShares Bitcoin ETP,' is domiciled in Switzerland and is listed in Paris, Amsterdam, and Frankfurt.
BlackRock was among the first institutional investors to offer exchange-traded products in the U.S. that track the spot price of bitcoin, a move that followed the Securities and Exchange Commission's approval in January 2024.
In this latest endeavor, BlackRock has partnered with Coinbase as custodian and Bank of New York Mellon as administrator.