BlackRock is preparing to launch a bitcoin exchange-traded product in Europe shortly, as revealed by a source with knowledge of the matter to Reuters on Feb 5. The new product is expected to be based in Switzerland, where BlackRock has recently established a Zurich-based company, iShares Digital Assets AG.
The investment giant was among the pioneers in providing exchange-traded products tracking the price of bitcoin following approval by the U.S. Securities and Exchange Commission in January 2024, illustrating a significant moment in the crypto world. BlackRock's bitcoin-linked product, IBIT, has seen substantial growth, with $57.5 billion in net assets as of Feb. 4, according to the company's website.
While U.S. cryptocurrency businesses have enjoyed support from former President Trump, the EU is imposing stricter regulations on the industry. The European Union's crypto regulatory framework, MiCA, was introduced in early 2023 and is currently being implemented.