BlackRock plans to launch its first Bitcoin exchange-traded product in Europe following the success of its $58 billion U.S. Bitcoin ETF.

The fund is expected to be domiciled in Switzerland, sources familiar with the matter told Bloomberg. 

BlackRock could begin marketing the product as early as this month. Its entry into the European crypto ETP market marks another step in the firm’s growing embrace of digital assets.

Exchange-traded products are a category of securities that track the value of one or more underlying assets. ETPs can be traded on regulated exchanges in the same way as company stocks and shares.

In the past, BlackRock chairman and CEO Larry Fink said that he believes Bitcoin (BTC) is a ‘legitimate financial asset class’ for those seeking financial control outside traditional systems.

Spot Bitcoin exchange-traded products 

The move comes after the U.S. spot Bitcoin ETF market took off last year, drawing $116 billion across 12 funds. 

BlackRock’s iShares Bitcoin Trust led the market, setting records as the best-performing ETF debut in history. On Jan. 22, BlackRock’s IBIT added 6,470 BTC to its holdings, bringing its total to 563,134 BTC. Based on current market prices, BlackRock’s IBIT Bitcoin holdings are valued at $55.6 billion.

While the European cryptocurrency ETP market is competitive, with over 160 products, it remains smaller than its U.S. counterpart, with a total market size of $17.3 billion. However, new EU crypto regulations implemented in December could provide greater clarity for institutional adoption.