Largest investor ever goes ahead with Bitcoin
Yes, Bitcoin has taken some hits, but that doesn’t matter to this investor.
We are talking about the largest asset manager in the world. The company is in everything, including cryptos. Blackrock, you’ve probably heard of it. Now the company has launched a Bitcoin private trust.
Investor and Bitcoin
Blackrock commented: “Despite the sharp downturn in the digital asset market, we are still seeing significant interest from some institutional clients.” The demand is there and so the asset manager is going ahead. According to a blog post from Thursday, the private trust, available to US institutional clients, is trying to track BTC’s performance, minus the trust’s fees and liabilities.
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 customers.” The director indicated that customer interest in crypto has increased compared to last year, when he said in July that his company saw “very little” demand for crypto assets.
They continue to see significant interest from some institutional clients to access these assets efficiently and cost-effectively using their technology and product capabilities. “Bitcoin is the oldest, largest and most liquid cryptoasset and is currently the main topic of interest from our clients within the cryptoasset space,” the asset manager added.
Four areas
Blackrock went on to explain that it has done work in four areas of digital assets where it sees potential to benefit its customers and capital markets in general. The four areas are allowed blockchains, stablecoins, crypto assets and tokenization.
Last week, Blackrock announced a partnership with Nasdaq-listed cryptocurrency exchange Coinbase. The partnership will “give common customers of Aladdin and Coinbase access to the digital asset trading lifecycle through connectivity between Coinbase and the Aladdin platform, starting with Bitcoin,” Blackrock described.
