Asset management giant BlackRock is reportedly planning to launch a new Bitcoin exchange-traded product (ETP) in Europe, marking its first foray into the digital asset market on the continent.

According to a recent report from Bloomberg, BlackRock, which oversees more than $10 trillion in assets, is preparing to introduce a BTC ETP in Europe following the success of its US iShares Bitcoin Trust ETF (IBIT).

Sources familiar with the matter, who chose to remain anonymous, have stated that the ETP will be based in Switzerland and that BlackRock may begin promoting the fund as early as this month.

Exchange-traded funds (ETFs) and ETPs enable traders to gain exposure to assets, such as precious metals and cryptocurrencies, without actually physically owning them.

BlackRock initially launched IBIT in January 2024 after facing delays from the US Securities and Exchange Commission. Bloomberg previously reported that IBIT had the most successful debut among all US BTC ETFs. At the time, it was discovered that IBIT held more assets than BlackRock’s Gold ETF, despite the latter being launched almost two decades earlier in 2005.

According to BlackRock’s official website, the net assets of IBIT amount to $57.4 billion, while Bloomberg states that the total crypto ETP market in Europe is valued at approximately $17.3 billion.

At the time of writing, IBIT is trading at $56.09, representing a slight decrease for the day, while Bitcoin, the top cryptocurrency by market capitalization, is valued at $98,146.

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