BlackRock Announced Launch of Private Bitcoin Trust Following Coinbase Deal

BlackRock has reaffirmed its commitment to providing its investors with access to their choice of investment products. Just a few days after sign a deal with Coinbase that exposes their investors to the crypto market starting with Bitcointhe asset manager has launched a private Bitcoin trust available to US institutional investors.

In its ad, the world’s largest asset manager confirmed that it is receiving increasing interest in the cryptocurrency market from institutional investors. Interestingly, this interest comes from what can generally be thought of as a bear market. Bitcoin, for example, has been unable to break out of the $23,000 price range since falling to this level.

This interest has led the asset manager, which manages more than $10 billion in its portfolio, to develop efficient and profitable access options to access these assets.

BlackRock is interested in Bitcoin

BlackRock is getting very interested in Bitcoin as you dive into the cryptocurrency market. With good reason, the oldest digital asset owns more than 50% of the market capitalization. According to the recent announcement, Bitcoin is the subject of the most queries.

Despite recent criticism of Bitcoin’s energy consumption, the company has praised the efforts of organizations such as RMI and Energy Web. He noted that the two organizations “are developing programs to bring greater transparency to sustainable energy use in bitcoin mining, and will follow progress around those initiatives.”

In addition to providing clients with access to the crypto market, the asset manager noted that it was looking into four areas of digital assets and their associated ecosystems. These are permissioned blockchains, stablecoins, crypto assets, and tokenization. The firm sees potential in these areas that could benefit its clients and the broader capital markets.

As Cryptoreport recently reported, BlackRock has signed an agreement with Coinbase that will give access to its institutional investors to the cryptocurrency market through Coinbase Prime.