BlackRock plans to introduce a Bitcoin ETP in Europe, expected to be launched in Switzerland. This marks the firm's first such offering outside North America, after introducing a BTC ETF in Canada. The move demonstrates BlackRock's continued confidence in Bitcoin despite its recent price volatility.
The firm, recognized as the world's largest Bitcoin ETF issuer, holds 2.7% of the global BTC supply. This strategic expansion aims to leverage Europe's crypto-friendly regulations, with Switzerland's Crypto Valley in Zug as a potential hotspot.
Although Switzerland offers favorable crypto laws, compliance with MICA regulations will be necessary to operate within the EU. BlackRock remains optimistic about gaining significant market traction for its ETP in the region, amidst fluctuating Bitcoin prices.
BlackRock's decision reflects strong confidence in Bitcoin as it gears up to market the ETP within a month. Despite avoiding public statements, company insiders emphasize the potential influence this offering may have on the European market landscape.