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

According to a recent report from Bloomberg, BlackRock, which manages over $10 trillion in assets, is preparing to launch 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, revealed that the ETP will be based in Switzerland and that BlackRock could 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 crypto, without the need to physically acquire them.

BlackRock initially launched IBIT in January 2024 after facing delays in its application 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 nearly two decades earlier in 2005.

According to BlackRock’s official website, IBIT has net assets worth $57.4 billion, while Bloomberg estimates the size of Europe’s crypto ETP market at around $17.3 billion.

At the time of writing, IBIT is trading at $56.09, experiencing a slight decrease for the day, while the leading crypto asset by market capitalization is valued at $98,146.

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