BlackRock, the world’s biggest asset manager with over $9.5 trillion under its belt, is preparing to launch a Bitcoin exchange-traded product (ETP) in Switzerland, according to a Bloomberg report.
This will be BlackRock’s first major crypto move outside North America. If all goes as planned, the product could hit the market at the end of this month. Bitcoin prices are on fire after Donald Trump was re-elected. BTC surged past $109,000 in January, setting a new all-time high yet again. The Trump administration’s open support for crypto, combined with regulatory reforms, is drawing in Wall Street.
In the US, crypto ETFs have raked in $116 billion from investors. The demand is insane. Since launching a year ago, BlackRock’s iShares Bitcoin Trust (IBIT) has become the industry’s top dog, breaking records for the best ETF debut in the history of the world.
That kind of success is reportedly why BlackRock wants to get into Europe, where the crypto ETP market is valued at $17.3 billion only. Right now in Europe, over 160 products already track Bitcoin, Ether, and others.
Switzerland has been crypto-friendly for years, with stable regulations that attract companies looking for a safe launchpad. Larry Fink, BlackRock’s CEO, recently backed Bitcoin during a World Economic Forum panel in Davos, where he called it a hedge against currency debasement, especially during times of high inflation like right now.
According to Samara Cohen, BlackRock’s Chief Investment Officer of ETFs, and Jay Jacobs, their head of US thematic ETFs, investors are increasingly drawn to Bitcoin through structured products like ETPs. “Being able to gain Bitcoin exposure via the ETP wrapper has proven to be a compelling combination for investors,” they wrote in a recent company blog.
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