BlackRock may start selling the product as early as this month.

Source: cryptoslate

Translation: Blockchain Knight

According to a report by Bloomberg News on February 5, BlackRock is preparing to launch a Bitcoin-linked exchange-traded product (ETP) in Europe.

Insiders revealed that the fund is expected to be registered in Switzerland, and BlackRock may start selling the product as early as this month.

Bloomberg ETF analyst James Seyffart stated that BlackRock could launch a new ETP in a similar manner to what it did in Canada. The Canadian ETP is a wrapper for BlackRock's spot BTC ETF IBIT launched in the U.S.

However, Seyffart pointed out that the chances of success for this initiative in Europe are very low.

Seyffart emphasized that BlackRock's BTC ETP charges are 25 basis points in the U.S. and 32 basis points in Canada.

It is noteworthy that European products already provide BTC risk exposure through funds charging 25 basis points. Eric Balchunas also expressed interest in understanding the fees BlackRock will charge in Europe.

Balchunas explained that, in terms of cost and liquidity, the U.S. is generally the best among other countries in the world.

Balchunas added, "Regardless of the approach taken, it demonstrates the commitment of the world's largest asset management company as it has a large business overseas."

The European crypto asset ETP market includes over 160 products tracking BTC, Ethereum (ETH), and other digital assets. The cumulative value of this market is $17.3 billion.

Balchunas emphasized that the European crypto ETF market "barely registers on the charts," as U.S. spot BTC ETFs account for 91% of the global share.

Balchunas believes that BlackRock has the opportunity to bring the "Terrordome of the U.S." to Europe and achieve success.

However, Balchunas noted that, unlike U.S. and Asian investors, European investors show less interest in high-risk investment products.

According to data from Farside Investors, as of February 4, IBIT recorded $40.7 billion in net inflows.

Its inflow is more than three times that of the second-largest spot BTC ETF, Fidelity's FBTC.

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