BlackRock launches Bitcoin trust for institutional clients

The world’s largest asset manager BlackRock has launched a trust aimed at US institutional investors that tracks the price dynamics of the first cryptocurrency.

NEW: BlackRock is offering its first-ever investment product directly in Bitcoin as a response to demand from large institutional clients seeking exposure to the asset https://t.co/R81wXXQxEC

— Bloomberg Crypto (@crypto) August 11, 2022

This is the company’s first such product.

“Despite the sharp decline in the cryptocurrency market, we continue to see strong interest in how to access these assets efficiently and at minimal cost using our technologies,” the press release said.

The firm said it sees potential for broader use in capital markets of stablecoins, cryptocurrencies, as well as private blockchains and tokenisation opportunities.

BlackRock manages assets valued at $9.5 trillion.

As a reminder, in August 2022 Coinbase agreed to collaborate with BlackRock. BlackRock’s clients will gain direct access to trading digital assets through the portfolio-management system Aladdin.

Plans to expand Aladdin’s functionality with cryptocurrencies стало известно in February 2022. At that time, reports indicated a potential integration of a collateralised lending service backed by digital assets.

Since February 2021, some BlackRock funds стали инвестировать in Bitcoin futures.

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