In order to provide Bitcoin (BTC) on the spot market for its US institutional clients, BlackRock has announced the formation of a private trust. The information was released only a week after the asset management revealed its strategic alliance with Coinbase.
Bitcoin is embraced by BlackRock (BTC)
BlackRock, the biggest asset manager in the world, has announced the establishment of a private trust in order to provide Bitcoin (BTC) to its institutional clients in the United States.
Just a week before to this news, the American multinational company announced its collaboration with Coinbase to provide Bitcoin through its Aladdin system, enabling its clients to keep track of their exposure to the king of cryptocurrencies along with their duties and activities.
According to the statement, the choice is in response to the manager’s client request:
“Despite the sharp decline in the digital asset market, some institutional clients continue to take a keen interest in how to access these assets efficiently and profitably through our technology and products. »
A declaration that contrasts somewhat with the market’s condition for a few months after the failures of many funds, such as Celsius, Three Arrows Capital (3AC), or Voyager Digital, which did nothing to inspire trust in investors.
A global strategy
Given its dominance and liquidity, BlackRock reports that Bitcoin (BTC) is the cryptocurrency that its clients who are eager to invest in digital assets most frequently seek. Along with groups like RMI or Energy Web, 2 firms with expertise in energy transition, the asset management also intends to take part in decarbonizing Bitcoin.
BlackRock mentions in its news statement that it is investigating tokenization, cryptocurrencies, stablecoins, and the blockchain because it thinks these topics will be interesting to its clients and the capital markets.
The business has said that for the time being, its trust for institutional investors would only provide exposure to Bitcoin through the spot market.
BlackRock once more emphasizes its growing interest in this form of market, joining a rising number of other Wall Street and financial industry titans in doing so. It had already formed a strategic alliance with Circle in April to look into potential new applications for USDC in the financial markets.
Larry Fink, its CEO, declared in March that the various events around the world, in particular wars, should encourage the various countries internationally to reconsider their dependence on the traditional financial system.