BlackRock has launched its first bitcoin exchange-traded product in Europe, in a bid to tap growing demand for cryptocurrency exposure in new markets after attracting more than $50 billion into similar products in the United States.

BlackRock Inc., the world’s largest asset manager, is launching a Bitcoin exchanged-traded product in Europe, following the success of its $48 billion US fund tracking the cryptocurrency.

BlackRock's IBIT is by far the largest of the 12 spot bitcoin ETFs listed in the U.S., with net assets worth over $50 billion.