Portfolio manager BlackRock has developed a private trust that offers institutional customers in the United States exposure to spot bitcoin.
The trust will be provided to institutional investors in the United States and will be BlackRock’s first product with direct exposure to the bitcoin price.
Despite the sharp decline in the digital asset market, BlackRock said they continued to see significant interest from institutional customers in accessing these assets utilising their technology and product capabilities efficiently and cost-effectively.
https://www.cnbc.com/video/2022/08/11/blackrock-launches-private-trust-to-track-the-price-of-bitcoin.html
BlackRock announced a partnership with Coinbase on August 4 to provide institutional investors access to cryptocurrencies, first with bitcoin. BlackRock oversees around $9 trillion in client assets and will utilise Coinbase Prime to deliver this service.
BlackRock disclosed in 2021 that its Global Allocation fund has some exposure to bitcoin via CME’s bitcoin futures program. This came out two months after two BlackRock funds, including the BlackRock Global Allocation Fund, suggested in regulatory filings that they might get exposure to crypto markets via CME’s bitcoin futures product.