The World’s largest Asset Manager, Blackrock, announced plans to launch an exchange-traded Fund in Europe in addition to the already existing one in the United States.
Blackrock, the asset manager with over $11.6 trillion in assets under management is currently the largest Bitcoin ETF product by inflows in the United States.
The firm is looking to expand into the European market by launching an Exchange Traded Fund in Europe.
The proposed product is the first crypto-linked product offered by BlackRock outside the North American Continent.
At the time of the report, there hasn’t been an indication of similar play by competitors in the Asset management sector.
In January 2024, the United States Security and Exchange Commission under Gary Gensler approved 11 Bitcoin ETFs Blackrock’s IBIT inclusive.
The ETFs have performed brilliantly, pulling billions of dollars into the crypto market.
Blackrock’s CEO Calls Bitcoin a Viable Asset
BlackRock CEO Larry Fink shared his insights on Bitcoin highlighting the utility of the asset and its importance in the Financial world.
He suggested that Bitcoin could reach a price of $700,000 per coin if there is increased concern over currency debasement and economic instability.
Fink explained that a modest allocation of 2% to 5% from asset managers into Bitcoin could drive such a significant price increase.
Larry Fink’s opinion on Bitcoin aligns with Blackrock’s Digital asset strategy ranging from the launch of the ETFs in the US and now Europe.
An exchange-traded fund exposes investors to the price action of digital assets without them owning the assets directly.
Bitcoin and Ethereum ETFs are the first crypto ETFs to be launched in the industry. Speculations suggest that other assets like Solana, Litecoin, and XRP could be next in line for an ETF Launch.
