JPMorgan Launches First Cryptocurrency Trading Desk for Institutional Clients

BlackRock Launches First Bitcoin Product in Europe

BlackRock, the world's largest asset manager, has launched its first Bitcoin product in Europe, marking a significant milestone in the growing adoption of cryptocurrency in the financial industry. The new product, called BlackRock Bitcoin Strategy, allows institutional investors to gain exposure to the price of Bitcoin without having to buy and hold the cryptocurrency directly.

The product is a physically-backed exchange-traded note (ETN), which means it is backed by the value of a specific underlying asset - in this case, Bitcoin. The ETN is listed on the London Stock Exchange and is designed to track the performance of Bitcoin, minus fees and expenses.

BlackRock's move into the Bitcoin market is seen as a major vote of confidence in the cryptocurrency's potential. The company's decision to launch a Bitcoin product in Europe, where regulatory hurdles have been a major obstacle to the adoption of cryptocurrency, is particularly significant.

"The launch of our Bitcoin Strategy in Europe marks an important milestone in our efforts to provide our clients with access to a broader range of investment opportunities," said Mark McNew, BlackRock's Chief Marketing and Communications Officer. "We believe that Bitcoin has the potential to be a valuable addition to many investment portfolios, and we are excited to offer our clients a way to gain exposure to this growing market."

The BlackRock Bitcoin Strategy is the latest in a series of moves by major financial institutions to get involved in the cryptocurrency market. Other companies, such as Fidelity Investments and Charles Schwab, have also launched Bitcoin products in recent months. The move is seen as a sign that the financial industry is increasingly recognizing the potential of cryptocurrency and is willing to take steps to provide its clients with access to these new investment opportunities.

The BlackRock Bitcoin Strategy is available to institutional investors, including pension funds, endowments, and family offices. The product is designed to provide a way for these investors to gain exposure to Bitcoin without having to buy and hold the cryptocurrency directly. The ETN is listed on the London Stock Exchange and is traded under the ticker symbol BITC.