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By Iain Withers
LONDON (Reuters) - BlackRock is gearing up to launch a bitcoin exchange-traded product in Europe within weeks, a source familiar with the matter told Reuters, amid growing demand for exposure to cryptocurrencies from both money managers and consumers.
The product will likely be domiciled in Switzerland, the source added. The Wall Street giant has incorporated a Zurich-based company focused on digital assets - iShares Digital Assets AG - in recent months, according to a regulatory filing seen by Reuters.
BlackRock declined to comment.
BlackRock was one of the first institutional investors to offer exchange-traded products to track the spot price of bitcoin after the U.S. Securities and Exchange Commission first approved them in January 2024.
The SEC's move was a watershed moment for the asset class, boosting hopes in the crypto industry that cryptocurrencies would become more widely integrated in mainstream finance.
BlackRock's main bitcoin-linked product IBIT has grown rapidly, amassing net assets of $57.5 billion as of Feb. 4, according to BlackRock's website. However, not all global investors can access the existing U.S.-domiciled products.
Bloomberg was first to report on BlackRock's plans in Europe.
While the U.S. crypto industry has celebrated Trump's election and his pledge to support the sector, crypto businesses in Europe are facing new, tougher regulation.
The European Union's landmark crypto regulatory framework, known as the Markets in Crypto-Assets Regulation (MiCA) was introduced in early 2023 and is in the process of being rolled out.
(Reporting by Iain Withers. Additional reporting by Elizabeth Howcroft in Paris. Editing by Mark Potter)
