LONDON, Feb 5 (Reuters) - BlackRock ( BLK ) is gearing

up to launch a bitcoin exchange-traded product in Europe within

weeks, a source familiar with the matter told Reuters, amid

growing demand for exposure to cryptocurrencies from both money

managers and consumers.

The product will likely be domiciled in Switzerland, the

source added. The Wall Street giant has incorporated a

Zurich-based company focused on digital assets - iShares Digital

Assets AG - in recent months, according to a regulatory filing

seen by Reuters.

BlackRock ( BLK ) declined to comment.

BlackRock ( BLK ) was one of the first institutional investors to

offer exchange-traded products to track the spot price of

bitcoin after the U.S. Securities and Exchange Commission first

approved them in January 2024.

The SEC's move was a watershed moment for the asset class,

boosting hopes in the crypto industry that cryptocurrencies

would become more widely integrated in mainstream finance.

BlackRock's ( BLK ) main bitcoin-linked product IBIT has grown

rapidly, amassing net assets of $57.5 billion as of Feb. 4,

according to BlackRock's ( BLK ) website. However, not all global

investors can access the existing U.S.-domiciled products.

Bloomberg was first to report on BlackRock's ( BLK ) plans in

Europe.

While the U.S. crypto industry has celebrated Trump's

election and his pledge to support the sector, crypto businesses

in Europe are facing new, tougher regulation.

The European Union's landmark crypto regulatory framework,

known as the Markets in Crypto-Assets Regulation (MiCA) was

introduced in early 2023 and is in the process of being rolled

out.