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BlackRock (BLK) is pushing deeper into crypto territory. According to Bloombergthe asset management giant, which oversees more than $10 trillion, is gearing up to launch its first Bitcoin exchange-traded product (ETP) in Europe, based in Switzerland. Marketing could begin as early as this month.
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BlackRock Taps into European Crypto Market
This marks BlackRock’s first crypto-linked ETP outside the U.S. The company’s U.S.-based iShares Bitcoin ETF (IBIT) has already racked up nearly $60 billion in assets under management (AUM) since launching just over a year ago. Now, the firm is eyeing Europe’s growing appetite for digital asset investment, aiming to stay ahead in a rapidly expanding market.
Competition Heats Up in Crypto ETPs
With firms like Kraken and Bitstamp already licensed to offer derivatives in Europe, BlackRock’s move could intensify competition. Providers have previously responded by lowering fees, with some ETP costs in Europe reaching as high as 2.5%. BlackRock’s strategy could spark further fee reductions across the industry, according to Bloomberg senior analyst Eric Balchunas.
“The fee structure will be a critical factor,” Balchunas explained, noting that U.S.-based Bitcoin ETFs dominate 91% of the global market thanks to lower costs and superior liquidity.
What Is the Best Bitcoin ETF to Buy?
For investors looking to find the Bitcoin ETFs that best suit their needs, conducting thorough research is crucial. A helpful resource for this is TipRanks’ Compare ETF tool. This tool allows investors to compare various Bitcoin ETFs side-by-side, examining key metrics such as performance history, expense ratios, and assets under management.
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