Asset management giant BlackRock, a week after linking up with coinbase, has unveiled a new spot bitcoin private trust offering direct access to the cryptocurrency for the first time. BrandyBetz reports
The trust, BlackRock’s first to offer direct exposure to bitcoin, seeks to track the performance of the largest cryptocurrency by market value.
“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 BlackRock team said in a website post. BlackRock said the firm has conducted work in four areas of digital assets and their ecosystems that could benefit the firm’s clients and broader capital markets: permissioned blockchains, stablecoins, crypto assets and tokenization.to its clients, confirming that institutional investors remained interested in the crypto industry even as the bear market emerged.
Last week, BlackRock and Coinbase announced that mutual institutional customers would have access to digital assets through BlackRock’s Aladdin portfolio management software, starting with bitcoin.
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