In a bold step towards broadening its involvement in the cryptocurrency market, BlackRock is launching a Bitcoin exchange-traded product (ETP) in Europe. This move marks the firm’s first foray into Bitcoin offerings outside of the United States.

The product, dubbed iShares Bitcoin ETP, will be accessible through Germany’s Xetra exchange and Euronext’s Paris and Amsterdam platforms, trading under the tickers IB1T and BTCN. As one of the leading asset management firms, BlackRock’s entrance into the European Bitcoin ETP market is garnering significant attention.

This launch illustrates a growing institutional interest in Bitcoin and could inspire other financial companies to follow suit. As the landscape develops, analysts will be keen to observe how this influences Bitcoin’s price dynamics in the European market.