BlackRock’s next move: A Bitcoin ETP for Europe
The firm’s growing crypto strategy now extends beyond the US, with fresh investment options ahead
BlackRock’s crypto ambitions are growing, and Europe is next in line. The firm is set to introduce its first Bitcoin ETP in the region, bringing new competition to European markets.
A confidential source told Reuters that the new investment product could be based in Switzerland and may hit the market this month. This would mark BlackRock’s first step into the European Bitcoin ETP space, expanding its global crypto footprint.
You may have heard of ETFs, but they’re actually just one kind of exchange-traded product (ETP). ETPs include exchange-traded funds (ETFs) as well as other financial instruments, such as exchange-traded notes (ETNs) and exchange-traded commodities (ETCs). While ETFs are the most common, all ETPs trade on stock exchanges and offer different ways for investors to gain exposure to assets like Bitcoin.
Details on BlackRock's ETP remain scarce, but Bloomberg senior analyst Eric Balchunas noted on X that fees will be a key factor. “Don't know the fee yet, that will be a big variable (US ETFs blow away rest of the world in cost and liquidity) but either way shows commitment from world's biggest asset manager who has big presence overseas.”
BlackRock is preparing to launch a spot bitcoin ETF in Euorpe, domiciled in Switzerland. Don't know the fee yet that will be big variable (US ETFs blow away rest of world in cost and liquidity) but either way shows commitment from world's biggest asset manager who has big…
— Eric Balchunas (@EricBalchunas) February 5, 2025
BlackRock has been rapidly expanding its Bitcoin investment offerings. Just last month, it launched a Bitcoin ETF on Canada’s Cboe exchange, giving Canadian investors access to its spot Bitcoin fund. Helen Hayes, Head of iShares Canada at BlackRock, described the move as a step toward “providing clients access to an expanding world of investments” while simplifying exposure to Bitcoin.
Rob Marrocco, Global Head of ETF Listings at Cboe, echoed this sentiment: “Investors increasingly seek crypto exposure through exchange-listed wrappers, and Cboe intends to meet this demand by leveraging both our global listings capabilities and our derivatives expertise to broaden market access and grow the crypto ecosystem with new products.”
With BlackRock’s push into Europe, its influence in the crypto market is set to expand further. While it remains to be seen if IBIT’s explosive success in the US will be replicated in Europe, the move signals a growing appetite for regulated Bitcoin investment options.
BlackRock's IBIT
Last year, the world's largest asset manager made headlines thanks to its iShares Bitcoin Trust (IBIT) ETF. Launched on January 11—right after the US SEC approved Bitcoin exchange-traded funds (ETFs)—IBIT’s value grew to amass nearly $60 billion in assets in less than a year, making it the largest Bitcoin ETF in the market.
🔎 INSIGHT: One year ago today BlackRock’s ETF didn’t exist.
— Cointelegraph (@Cointelegraph) December 30, 2024
IBIT has grown over $50 billion in assets since launching in Jan 2024. pic.twitter.com/Gx3gnbFQhs
Ki Young Ju, the CEO of Cryptoquant, also shared in December 2024, “BlackRock's gold ETF took 20 years to reach $33B AUM, while their Bitcoin ETF nearly doubled gold's AUM in less than a year.” AUM refers to assets under management, which reflects the fund’s market value.
BlackRock's gold ETF took 20 years to reach $33B AUM, while their #Bitcoin ETF nearly doubled gold's AUM in less than a year. pic.twitter.com/CAkxX2xQZo
— Ki Young Ju (@ki_young_ju) December 18, 2024
Based on data from VettaFi, IBIT has become the 31st largest ETF. On January 27, Arkham Intelligence also shared on X that, after a major purchase, BlackRock held 2.7% of the total supply of BTC—highlighting the company's strong market position. At present, BlackRock owns $57.23 billion worth of Bitcoin.
BLACKROCK BOUGHT $1 BILLION OF BITCOIN THIS WEEK
— Arkham (@arkham) January 26, 2025
THEY NOW HOLD 2.7% OF THE TOTAL BTC SUPPLY pic.twitter.com/bxL2hY8j5E
ETFs and ETPs
ETPs, including ETFs, offer a way to invest in Bitcoin without holding it directly. These products trade on stock exchanges, providing easier access to crypto markets for both institutional and retail investors.
Bitcoin ETFs, in particular, have gained popularity as they eliminate concerns around storage, security, and private keys. Their value moves with Bitcoin’s price, making them a more traditional investment vehicle for those who want exposure to crypto without directly buying or managing digital assets.
While ETFs remain the dominant form of ETP, other variations exist, each designed to track different assets or function with unique structures. BlackRock’s move into the European market signals growing demand for regulated Bitcoin investment options worldwide.
