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BlackRock launches spot Bitcoin private trust

By:
on Aug 11, 2022
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  • BlackRock’s private trust will offer direct exposure to Bitcoin.
  • The private trust will be accessible to US-based institutional clients.
  • BlackRock recently partnered with Coinbase to offer digital asset trading to its institutional clients.

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BlackRock (NYSE: BLK), the world’s largest investment asset manager, has announced a spot Bitcoin (BTC) private trust, which will offer direct exposure to the benchmark cryptocurrency.

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BlackRock notes that the launch of the private trust is part of the company’s commitment to offering its clients access to more opportunities. According to the asset manager, the trust will be available to US institutional clients and will offer investors an opportunity to benefit from the performance of Bitcoin (BTC/USD).  

The firm said:

Bitcoin is the oldest, largest, and most liquid cryptoasset, and is currently the primary subject of interest from our clients within the cryptoasset space.”

This move comes despite the crypto winter, with BlackRock pointing to “substantial interest” in digital assets investments among institutional clients. Indeed, most of the demand has revolved around how to best leverage the asset manager’s technology and product offerings to efficiently tap into crypto assets.

The launch of the private trust comes days after BlackRock announced another major move involving cryptocurrency by partnering crypto exchange Coinbase. The firms’ collaboration allows institutional clients to access digital assets, with customers offered trading, custody and primer brokerage services. The first digital asset on offer is Bitcoin and will be accessible to BlackRock’s Aladdin clients via Coinbase Prime.

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