BlackRock To Launch Bitcoin Investment Product In Europe

After the overwhelming success of its Bitcoin (CRYPTO: BTC) exchange-traded fund in the United States, BlackRock (NASDAQ:BLK) is reportedly preparing to launch a similar product for European investors.

What Happened: Quoting an unspecified source, a Bloomberg report stated the investment vehicle, likely structured as an exchange-traded product (ETP), will be based in Switzerland, known for its financial regulations.

The new investment can be marketed as soon as this month. A company spokesperson declined to make an official statement on the new product.

BlackRock has approximately $4.4 trillion over a huge variety of financial products and has been at the forefront of bringing blockchain to traditional businesses.

Many other European products have been released, and BlackRock will join in with its plan for a product to be based outside of North America.

Larry Fink, Chief Executive Officer of BlackRock, has long spoken out on the importance of cryptocurrency as a way to hedge against a potential drop in the economy.

Also Read: Is The SEC ‘Making Peace’ With Crypto? The Key Personnel Shifts Hinting At Why This May Be The Case

Why It Matters: With Bitcoin trading close to all-time highs, BlackRock is driving the adoption of structured crypto products similar to its popular iShares Bitcoin Trust (NASDAQ:IBIT).

While more than 160 different cryptocurrency products exist in Europe, the volume is significantly smaller than the one in the United States.

BlackRock has previously suggested a "reasonable range" for Bitcoin allocation in multi-asset portfolios to be between 1% and 2%.

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