BlackRock, the world's largest asset manager, has launched its first bitcoin exchange-traded product (ETP) in Europe. The new "iShares Bitcoin ETP" is now trading on exchanges in Paris, Amsterdam, and Frankfurt, according to the company's product page as reported by BTC Peers.

This Switzerland-domiciled product marks BlackRock's entry into European cryptocurrency markets following its success in the United States. Earlier this year, BlackRock attracted over $50 billion into similar bitcoin products in the U.S. market.

BlackRock was among the first major institutional investors to offer exchange-traded products tracking bitcoin's spot price in the United States. This followed the Securities and Exchange Commission's approval of such products in January 2024.

For its European bitcoin product, BlackRock has partnered with key financial institutions:

• Coinbase will serve as the custodian
• Bank of New York Mellon will function as the administrator

The announcement comes as MicroStrategy, the world's largest corporate Bitcoin holder, recently exceeded 500,000 Bitcoin with its latest $584 million purchase. MicroStrategy now holds 506,137 BTC bought at an average price of $66,608 per coin, representing a total investment of approximately $33.7 billion.

GameStop has joined the corporate Bitcoin trend, announcing plans to invest cash reserves in Bitcoin following board approval on March 25. The video game retailer's stock rose 6% after the announcement. GameStop holds nearly $4.8 billion in cash and has not set a limit on potential Bitcoin purchases.

Reuters had previously reported on BlackRock's planned European launch last month. When asked for comment about the new product, BlackRock did not provide additional information.

The expansion shows growing institutional interest in cryptocurrency products across global markets. BlackRock's European bitcoin ETP follows several major financial institutions that have created investment vehicles giving clients exposure to digital assets.