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The move comes one week after the company's agreement with Coinbase to give institutional clients access to cryptocurrency trading.
According to a blog post published Thursday, the world's largest asset manager, BlackRock, has created a new private spot Bitcoin (BTC) trust. BlackRock oversees over $10 trillion in total assets. The fund is exclusive to institutional investors in the United States and tries to follow Bitcoin's performance, net of fees, and liabilities.
BlackRock explained the decision as follows: "Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities. Bitcoin is the oldest, largest, and most liquid digital asset and is currently our clients' primary subject of interest within the digital asset space."
Private investment trusts that do not solicit investments from individual investors in the United States are not required to register with regulatory authorities. Others, such as the Grayscale Bitcoin Trust, can become publicly traded on the over-the-counter exchanges while not being registered with the Securities and Exchange Commission.
Bitcoin retains nearly fifty percent of the industry’s market capitalization, excluding stablecoins. BlackRock is pleased by groups like RMI and Energy Web that are establishing projects to increase the transparency of Bitcoin mining’s sustainable energy usage.
BlackRock collaborated with cryptocurrency exchange Coinbase last week to offer its clients direct access to cryptocurrencies, beginning with Bitcoin. Upon registering for Coinbase Prime, BlackRock’s Aladdin platform for institutional investment management users will have access to crypto trading, custody, prime brokerage, and reporting features. BlackRock indicated that it has been undertaking research in four areas of digital assets and their related ecosystems: permissioned blockchains, stablecoins, crypto assets, and tokenization.