BlackRock, the world's largest asset manager, is set to launch a Bitcoin (BTC) exchange-traded fund (ETF) in Europe, further expanding its presence in the digital asset space. This follows the success of its $58 billion US ETF that tracks Bitcoin, launched last year.
The new fund, expected to be domiciled in Switzerland, could begin marketing as early as this month. While crypto ETFs have been available in Europe for years, this will be BlackRock's first crypto-linked ETF outside of North America.
The move comes as the cryptocurrency market has experienced a significant rally since the election of US President Donald Trump in 2024, with Bitcoin reaching a record high of $109,241 in January. This surge in interest is fueled by Trump's support for the industry and the promise of forthcoming regulations.
The launch of several US ETFs tied to Bitcoin last year ignited substantial demand for the asset class, leading to an influx of $116 billion across 12 funds to date. BlackRock's iShares Bitcoin Trust (ticker IBIT) has notably set industry records, boasting the highest-performing debut of any Exchange-Traded Fund in history.
New regulations for cryptocurrencies also went into effect in the European Union (EU) in late December 2024, further encouraging institutional participation. Despite the competitive landscape, with over 160 cryptocurrency ETPs currently available in Europe tracking Bitcoin, Ethereum (ETH), and other tokens, the overall market size of $17.3 billion remains modest compared to the robust US market.
At the time of writing, Bitcoin has fallen to the $96,770 mark, losing the key $100,000 level after experiencing a 7% price drop over the weekly time frame.