- BlackRock is looking towards Europe for the international expansion of its BTC-related ETP products.
- ETF analyst Eric Balchunas expresses doubts about the potential demand for the EU ETP.
BlackRock, the world’s largest asset manager with over $11 trillion in AUM (assets under management), is planning to introduce its Bitcoin-related exchange-traded products in Europe.
As reported by Bloomberg, the fund is expected to be based in Switzerland, with marketing activities for the product likely to commence this month, according to sources familiar with the matter.
U.S., Asia Lead in BTC ETFs
Bloomberg’s senior ETF analyst mentioned that the BTC ETF market is currently dominated by the U.S. and Asia.
The analyst also highlighted that Europe is not as enthusiastic about ‘hot’ trends.
“Europe barely ranks on the leaderboard of spot bitcoin ETFs by size. U.S. spot ETFs, only a year old, hold a 91% share of the global market. If BlackRock introduces some of the successful U.S. products to Europe, it could see success, although Europeans are generally less interested in ‘hot trends’ compared to the U.S. and certain Asian countries.”
Source: X
As of now, details regarding the product’s fees have not been made public.
BlackRock was one of the first issuers to receive approval for launching a U.S. spot BTC ETF in early 2024.
The iShares Bitcoin ETF (IBIT) has been highly successful in both the crypto scene and traditional markets.
As of February 4th, IBIT had accumulated over 585.3K BTC, valued at nearly $58 billion based on current market prices.
Bitcoin is the Best Bet: BlackRock CEO
Interestingly, BlackRock’s CEO Larry Fink has reiterated his support for BTC, calling it the best asset for those seeking protection from currency devaluation or political turmoil.
During the recent World Economic Forum in Davos, Switzerland, he stated,
“If you’re concerned about your currency losing value or the stability of your country, you can turn to Bitcoin as an internationally recognized asset that can mitigate these fears. BTC could reach $500k, $600k, or even $700k.”