🚨 Breaking News from the Chocolate Factory 🍫: BlackRock, the 🦊 Big Cheese 🦊 of asset management with a whopping $9.5 trillion in its 🐕 doggy bank 🐕, is cooking up something special in the Swiss Alps! 🏔️
Yes, dear readers, they’re planning to bake their very first Bitcoin 🍩 Doughnut 🍩 Exchange-Traded Product (ETP) in the land of cheese fondue and precision watches. If the 🎲 dice 🎲 roll their way, this tasty treat could be hitting the shelves by the end of this month. 📅
But wait, there’s more! 🎉 This isn’t just any old move; it’s BlackRock’s maiden voyage into the crypto 🚢 high seas 🚢 outside of North America, according to the wise owls at Bloomberg. 🦉
Remember their U.S. spot Bitcoin ETF, iShares Bitcoin Trust (IBIT)? 🤩 It was a smashing success last year, raking in $58 billion in Bitcoin since its launch in January 2024. 🥳 It’s been raining 🪙 money 🪙 ever since, with nearly $934 million in inflows since January 30, and a whopping $249 million added just yesterday, courtesy of Farside Investors. 🎯
Europe‘s crypto ETP market may be small 🐢 compared to the U.S. behemoth 🐘, clocking in at a mere $17.3 billion, but it’s a bustling bazaar with over 160 products tracking Bitcoin, Ether, and other digital treasures. 🧵 And guess who wants a piece of that pie? 🍰 You guessed it – BlackRock. 🎉
CEO Larry Fink, the 🐻 bear of Wall Street, recently declared Bitcoin as a “hedge against currency debasement” at the World Economic Forum in Davos. 🗡️ Switzerland, with its crypto-friendly climate and stable regulations, is the ideal 🌟 launchpad 🌟 for this endeavor. 🚀
BlackRock’s Chief Investment Officer of ETFs, Samara Cohen, and head of U.S. thematic ETFs, Jay Jacobs, shared their excitement on the blog, stating, “Gaining Bitcoin exposure through the ETP wrapper has been a hit with investors.” 🎉
But here’s the 🍒 cherry on top 🍒: Bloomberg ETF analyst James Seyffart initially thought BlackRock might employ a “wrapper” tactic, where the ETP would cozy up to its U.S. IBIT fund. However, that plan appears to be a 🍌 banana peel 🍌 in the EU. “I’ve been told this is unlikely to be allowed,” Seyffart tweeted on X. So, BlackRock will need to whip up a separate European Bitcoin ETP from scratch. 🍽️
Pricing will be the 🍭 lollipop 🍭 that draws in the kiddies. Some European Bitcoin ETPs are already offering ultra-low fees, with companies like Valour even providing a zero-fee product. 🎈 Investors will be on the edge of their seats to see how BlackRock plays this game. 🎲
While the U.S. spot Bitcoin ETF market is 🔥 ablaze 🔥, dominating 91% of global market share, Europe is a different 🎩 hat 🎩 altogether. European investors have been 🐢 turtles 🐢 when it comes to high-risk assets. Bloomberg ETF analyst Eric Balchunas reckons BlackRock’s biggest 🎯 target 🎯 will be getting European investors as giddy as their American counterparts. 🎢
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2025-02-05 22:45