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BlackRock logo with bitcoin graphics, symbolizing cryptocurrency ETF launch - Global Banking & Finance Review
Image shows BlackRock logo alongside bitcoin graphics, highlighting the firm's upcoming launch of a bitcoin exchange-traded product in Europe, as detailed in the article.
Finance

BlackRock prepares to launch bitcoin exchange-traded product in Europe, source says

Published by Global Banking & Finance Review

Posted on February 5, 2025

2 min read

· Last updated: February 5, 2025

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BlackRock to Launch Bitcoin ETF in Europe Soon, Source Reveals

By Iain Withers

LONDON (Reuters) - BlackRock is gearing up to launch a bitcoin exchange-traded product in Europe within weeks, a source familiar with the matter told Reuters, amid growing demand for exposure to cryptocurrencies from both money managers and consumers.

The product will likely be domiciled in Switzerland, the source added. The Wall Street giant has incorporated a Zurich-based company focused on digital assets - iShares Digital Assets AG - in recent months, according to a regulatory filing seen by Reuters.

BlackRock declined to comment.

BlackRock was one of the first institutional investors to offer exchange-traded products to track the spot price of bitcoin after the U.S. Securities and Exchange Commission first approved them in January 2024.

The SEC's move was a watershed moment for the asset class, boosting hopes in the crypto industry that cryptocurrencies would become more widely integrated in mainstream finance.

BlackRock's main bitcoin-linked product IBIT has grown rapidly, amassing net assets of $57.5 billion as of Feb. 4, according to BlackRock's website. However, not all global investors can access the existing U.S.-domiciled products.

Bloomberg was first to report on BlackRock's plans in Europe.

While the U.S. crypto industry has celebrated Trump's election and his pledge to support the sector, crypto businesses in Europe are facing new, tougher regulation.

The European Union's landmark crypto regulatory framework, known as the Markets in Crypto-Assets Regulation (MiCA) was introduced in early 2023 and is in the process of being rolled out.

(Reporting by Iain Withers. Additional reporting by Elizabeth Howcroft in Paris. Editing by Mark Potter)

Key Takeaways

  • BlackRock is preparing to launch a bitcoin ETF in Europe.
  • The product will likely be domiciled in Switzerland.
  • BlackRock has incorporated iShares Digital Assets AG in Zurich.
  • The SEC approved bitcoin ETFs in the U.S. in January 2024.
  • Europe faces new crypto regulations under MiCA.

Frequently Asked Questions

What is the main topic?
The article discusses BlackRock's plans to launch a bitcoin exchange-traded product in Europe.
What is the significance of this launch?
The launch signifies BlackRock's response to growing demand for crypto investments in Europe.
What challenges does the crypto industry face in Europe?
The industry faces new regulations under the Markets in Crypto-Assets Regulation (MiCA).

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