The world’s largest asset manager, Blackrock, has launched a spot bitcoin private trust. “Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients,” said Blackrock.
Blackrock Launches Bitcoin Trust
Blackrock, the world’s largest asset manager, has launched “Blackrock bitcoin private trust.” According to a Thursday blog post, the spot bitcoin private trust, available to U.S. institutional clients, seeks to track the performance of BTC, less expenses and liabilities of the trust.
This is the detailed description of an asset management company:
We are seeing significant interest from institutional clients despite the sharp decline in digital asset markets.
“Bitcoin is the oldest, largest, and most liquid cryptoasset, and is currently the primary subject of interest from our clients within the cryptoasset space,” the asset manager added.
Blackrock explained further that the company has worked in four areas of digital assets where it believes it can benefit clients and investors more generally. They are stablecoins (permissioned), crypto assets (tokenization) and stablecoins (stablecoins).
Blackrock and Coinbase, a Nasdaq-listed cryptocurrency trading platform, announced last week a partnership. The collaboration will “provide common clients of Aladdin and Coinbase access to the digital assets trading lifecycle through connectivity between Coinbase and the Aladdin platform, starting with bitcoin,” Blackrock described.
In March, Blackrock CEO Larry Fink said his company “is studying digital currencies, stablecoins and the underlying technologies to understand how they can help us serve our clients.” The executive indicated increased client interest for crypto compared to last year when he said in July that his firm saw “very little” demand for crypto assets.
Rick Rieder (Blackrock CIO) has issued several bullish statements on bitcoin and cryptocurrency. He stated repeatedly that BTC’s price could rise significantly. He stated in June that both bitcoin and cryptocurrency are long-lasting assets. Blackrock created an exchange-traded crypto fund in April.
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