BlackRock Expands Bitcoin Products to European Markets

BlackRock, the world's largest asset manager, has introduced its first bitcoin exchange-traded product in Europe. The new offering, called "iShares Bitcoin ETP," is now available on exchanges in Paris, Amsterdam, and Frankfurt, according to the company's product page.

The Switzerland-domiciled product represents BlackRock's expansion into European cryptocurrency markets following its successful entry into the U.S. bitcoin market earlier this year. This development comes after BlackRock attracted more than $50 billion into similar products in the United States.

BlackRock was among the first institutional investors to offer exchange-traded products tracking bitcoin's spot price in the United States. This occurred after the Securities and Exchange Commission approved such products in January 2024.

For the European bitcoin product, BlackRock has formed strategic partnerships with key financial institutions. Coinbase will serve as the custodian while Bank of New York Mellon will function as the administrator, according to information on the product page.

The news comes as MicroStrategy, the world's largest corporate Bitcoin holder, recently surpassed 500,000 Bitcoin with its latest $584 million purchase. MicroStrategy now holds 506,137 BTC acquired at an average price of $66,608 per coin, with a total investment of approximately $33.7 billion.

Reuters had previously reported on BlackRock's planned European launch last month. When approached for comment on the new product, BlackRock declined to provide additional information.

The expansion showcases growing institutional interest in cryptocurrency products across global markets. BlackRock's move follows several major financial institutions that have created investment vehicles to give clients exposure to digital assets.