The $10 trillion BlackRock is set to begin offering direct bitcoin exposure to institutional investors through a private BTC trust product.
BlackRock has followed its Coinbase partnership with its first institutional crypto investment product: a private bitcoin trust that provides direct exposure to spot BTC price action.
- BlackRock has launched its first investment product offering direct exposure to bitcoin, according to a statement released on Thursday (August 12, 2022).
- The product is a private bitcoin trust for institutional clients based in the United States that provides direct visibility into the spot price of the largest cryptocurrency by market capitalization.
- According to the company, the product launch is in response to growing interest from its high-net-worth customers who want to get into crypto. An excerpt from the announcement reads:
- “Despite the sharp downturn in the digital asset market, we are still seeing significant interest from some institutional clients in how to effectively and efficiently access these assets. cost savings using our technology and product capabilities.”
- Today’s announcement comes shortly after the $10 trillion asset manager signed an agreement with US exchange giant Coinbase.
- This agreement is to enable BlackRock to begin offering crypto investment products to institutional investors through Coinbase Prime.