BlackRock unveils spot bitcoin private trust for institutional clients

Aug. 11, 2022 12:11 PM ETBlackRock, Inc. (BLK), BTC-USDCOINBy: Max Gottlich, SA News Editor30 Comments

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  • BlackRock (NYSE:BLK), the world's largest asset manager, has launched its first-ever private trust offering direct bitcoin (BTC-USD) exposure to its U.S.-based institutional clients.
  • The trust aims to track the performance of bitcoin (BTC-USD) in response to heightened client interest.
  • “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,” the company said in a release Thursday.
  • The Wall Street giant said it has conducted work in permissioned blockchains, stablecoins, cryptoassets and tokenization, "where we see potential to benefit our clients and capital markets more broadly."
  • BlackRock's (BLK) move comes on the heels of its partnership with crypto exchange Coinbase Global (COIN) allowing institutional clients to manage their bitcoin (BTC-USD) holdings alongside other public and private investments.
  • In February, BlackRock considered crypto trading service for investor clients.

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