BlackRock launches bitcoin ETP in Europe

BlackRock has introduced its first bitcoin exchange-traded product (ETP) in Europe. This move aims to meet the growing interest in cryptocurrencies in new markets. The company has already seen significant success in the United States, drawing over $50 billion into similar products. The new product, called the 'iShares Bitcoin ETP', is based in Switzerland and is available on exchanges in Paris, Amsterdam, and Frankfurt. Last month, Reuters reported on BlackRock's plans for this launch. The company has not provided further comments on the product. BlackRock was an early player in the U.S. market for exchange-traded products that track the price of bitcoin. This followed approvals from the Securities and Exchange Commission in January 2024. For this new European product, BlackRock has teamed up with Coinbase for custody services and Bank of New York Mellon for administration.