BlackRock, the investment firm, has formed a private trust that will provide institutional clients in the United States with exposure to spot Bitcoin. The trust will be available to institutional clients in the United States and will be BlackRock’s first product that provides direct exposure to the price of Bitcoin.
BlackRock said in a statement:
“Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities,”
On August 4, BlackRock announced a partnership with cryptocurrency exchange Coinbase to provide institutional investors with access to cryptocurrency, beginning with Bitcoin. BlackRock, which manages over $9 trillion in customer funds, will deliver the service through Coinbase Prime.
This comes less than a year after BlackRock CEO Larry Fink stated that the asset manager saw minimal demand for digital assets.
Early in 2021, BlackRock announced that its Global Allocation fund had gotten exposure to bitcoin via CME’s Bitcoin futures offering. This comes two months after two BlackRock funds, including the BlackRock Global Allocation Fund, suggested in regulatory filings that they would get exposure to cryptocurrency markets through CME’s Bitcoin futures product.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
