BlackRock Inc., recognized as the largest asset management firm globally, overseeing over $11.5 trillion in assets, is on the verge of introducing a spot Bitcoin exchange-traded product (ETP) in Europe, as detailed in a Bloomberg report.
Sources close to the situation have indicated that this fund will likely be registered in Switzerland, with BlackRock potentially initiating its marketing efforts as soon as this month. However, a spokesperson from BlackRock opted not to provide any comments at this time.
This upcoming product represents a significant milestone in BlackRock’s strategy to broaden its offerings related to Bitcoin, following the successful deployment of spot Bitcoin ETFs in both Canada and Brazil.
Seemingly motivated by the impressive performance of its U.S.-based spot Bitcoin ETF, IBIT, which has achieved what many are calling the “largest ETF launch in history,” accruing over $50 billion in assets under management within its inaugural year.
JUST IN: Bloomberg states that BlackRock’s spot #Bitcoin ETF is a historic success! 🚀 pic.twitter.com/12aft5q8th
— Bitcoin Magazine (@BitcoinMagazine) December 30, 2024
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During the World Economic Forum held in Davos this January, BlackRock’s CEO, Larry Fink, expressed his strong belief in Bitcoin’s potential, stating that its value could potentially rise to $700,000. He attributed this forecast to the increasing likelihood of asset managers investing in Bitcoin and the growing concerns surrounding currency devaluation, political turmoil, and economic uncertainty.
JUST IN: Larry Fink of BlackRock, managing $11.5 trillion in assets, predicts Bitcoin could reach $700,000 amidst fears of currency debasement and economic instability.pic.twitter.com/WOXclAsjDP
— Bitcoin Magazine (@BitcoinMagazine) January 22, 2025
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