BlackRock, the world's largest asset manager overseeing $4.4 trillion in assets, is expanding its cryptocurrency offerings with the launch of a Bitcoin Exchange-Traded Fund (ETF) in Switzerland, marking its first crypto investment product in the European market.
The move follows BlackRock's successful launch of its iShares Bitcoin Trust (IBIT) in the United States in January 2024, which has already accumulated $58 billion in assets and emerged as America's most popular spot Bitcoin ETF.
The Switzerland-based Bitcoin ETF will allow European investors direct exposure to Bitcoin through a regulated investment vehicle. BlackRock plans to begin marketing the fund this month, according to industry sources familiar with the matter.
This expansion into Europe reflects growing institutional acceptance of cryptocurrencies. At the World Economic Forum in Davos, BlackRock CEO Larry Fink highlighted Bitcoin's potential role as a hedge against inflation and currency risk.
The European crypto market has previously seen various crypto-based exchange-traded products (ETPs). However, BlackRock's entry, given its scale and influence in global finance, represents a major milestone for cryptocurrency adoption in Europe.
The launch comes amid strong performance of U.S. spot Bitcoin ETFs, which have collectively attracted $116 billion across multiple funds since their introduction. BlackRock's successful track record in the ETF space and the growing demand for regulated crypto investment products suggest favorable prospects for its European offering.
This development reinforces BlackRock's position as a pioneer in integrating digital assets into traditional finance, providing investors with regulated access to cryptocurrency markets through familiar investment structures.