The largest asset management company in the world with more than 10 dollars billions in Aum, BlackRock (BLK) plans to list a Bitcoin Exchange (FTE) exchange product in Europe, Bloomberg reported on Wednesday.
The fund would be based in Switzerland and BlackRock could start to market it this month, according to the report.
It would be the first ETP linked to the cryptography of the giant outside of America. Ishares Bitcoin ETF of BlackRock (Ibit) was a wild success, accumulating nearly $ 60 billion in assets in just over a year since the opening of business.
Blackrock’s decision would be the last in a series of investment companies that seek to dive more in the supply of securities supported in crypto in Europe. Kraken recently obtained a license which will allow him to offer derivatives, joining others like Bitstamp and FTX EU.
The entry of the company into the European Crypto ETP ecosystem could further fuel the competitive response that has been observed among various providers, including derogations from several products, certain expense costs for ETPs have reached 2.5% . In the United States, a similar competitive response came after the launch of these funds in January 2024.
Many question points still occur around this product, including the structure of the costs, which would have great implications for ETP performance. “I do not yet know the costs, it will be a great variable,” said Eric Balchunas, senior analyst from Bloomberg. “American FNB breathtaking the rest of the world in cost and liquidity, but in any case shows the commitment of the world’s largest asset manager who has a great presence abroad.”
The FNB Bitcoin based in the United States currently has 91% of the world market, said Balchunas.
Blackrock did not comment before the press time.
