BlackRock launches spot bitcoin trust for institutional investors
The company noted an increase in customer interest in the first cryptocurrency, despite the sharp decline in the market for digital assets
11.08.2022 - 13:10
664
2 min
0
What’s new? BlackRock, an investment firm with $10 trillion in assets under management, has launched a private spot trust offering US institutional clients investments in bitcoin. The company noted significant customer interest in using investment products based on the first cryptocurrency, despite the sharp downturn in the digital asset market.
Information on the BlackRock website
What else is known about the company's plans? BlackRock representatives believe the most promising areas of the industry for clients and capital markets to use are stablecoins, permitted blockchains, crypto assets and tokenization — areas in which the company is “conducting work.” BlackRock also monitors initiatives aimed at making mining more environmentally friendly.
BlackRock is one of the world's largest asset management and investment firms. The company's shares are trading on the New York Stock Exchange (NYSE) under the ticker BLK. As of August 11, 13:30 UTC, the share price stands at $725,21, up 4,12% overnight.
Earlier, the founder of ARK Invest Cathie Wood stated that if BlackRock entered the crypto market, the bitcoin rate would more than double.
The crypto analyst, who hosts the YouTube channel InvestAnswers, believes that if BlackRock invests 0,5 % of its assets in bitcoin with a 21x multiplier, its capitalization would increase by $1,05 trillion. That would raise the price of BTC to $99 000.
Bitcoin is trading at $24 632, having gained 2,14% overnight, according to Binance.
On August 4, BlackRock announced a partnership with cryptocurrency exchange Coinbase. As part of the partnership, BlackRock institutional investors who use the Aladdin crypto platform will have direct access to digital assets.
Useful material?
Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024
Mining
The Deputy Energy Minister explained that in deficit regions, it is impossible to allocate large capacities for industry enterprises until 2030
Oct 30, 2024
Market
Customers will also be able to withdraw funds to bank accounts using cards
Oct 30, 2024